Whoops

“Employment growth accelerated in June after reaching an interim peak in March followed by a slowdown in April and May,” says Madeline Schnapp, Director of Macroeconomic Research at TrimTabs. “The rapid increase in oil prices earlier this year spooked everyone. Hiring managers put the brakes on hiring until oil prices moderated.”A Mish Secret E mail

We covered this in real time on my blog. When oil shortages loom due to a fake stimulus, partitions of the economy drop out of the race.