On US Labor Market& Tariffying Vietnam

The labor market has held up well in the face of Trump’s Tariff Turmoil, and the financial markets were cheered by June’s higher-than-expected payroll employment. But Ed sees more weakness than strength June’s employment report. The fact that our Earned Income Proxy derived from the data was flat suggests that June’s consumer spending likely weakened too. Nevertheless, consumer spending and employment should improve during the second half of this year as retiring Baby Boomers continue to spend their nest eggs.  … Also: Vietnam, the first nation to accept President Trump’s tariff terms, is embarking on ambitious economic reforms. William discusses the long to-do list.