(1) Earnings trump worries, including Trump. (2) Nothing to fear but nothing to fear. (3) Stock prices rising along with earnings. (4) Consumer confidence survey confirms that life is good, and the labor market has plenty of job openings. (5) Germany having Oktoberfest in July. (6) Frictional unemployment in the US. (7) Excluding retiring seniors and studying juniors, there isn’t much slack left in US labor market.
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