The GDP estimate for the second quarter showed growth of 3.0%, showing a stronger-than-expected economy.

Recession concerns seem to have dissipated, with the Aug. 5 employment report shock fully offset by retail sales and unemployment claims announced afterward.

However, the U.S. regional Fed’s employment indicators released yesterday suggest that the manufacturing sector’s employment slump is progressing quite seriously.

This indicator is a psychological indicator through surveys, not actual employment indicators, but it is recognized as a leading indicator.

Not only manufacturing but also booming services sector, Phila and Richmond entered negative territory. New York district is falling.

According to BofA, the white collar job sector has been on a severe downward trend for three years.

This level of decline suggests that the job market is on the threshold of entering a recession at the levels seen only in 2000, 2008, and 2020.

From next week’s JOLTs recruitment announcement to ADP, unemployment benefits, and employment reports, it will lead to candy, and I wonder if the data will be favorable to the market.