Jobs… Nonfarm payrolls rose for a third consecutive month in May, well above consensus estimates. What does it mean – Unemployment rate is steady at 4.3% and the three-month average job gains has risen sharply. ADP private payrolls rose by the most since January 2025, with businesses of all sizes adding to their payrolls. 
The ISM manufacturing PMI accelerated to a four-year high…Onshoring and continued investments in manufacturing in the US continues to drive record recovery and growth in manufacturing in the US. What does it mean – Firms boosted orders and production and continues to see strength across most sectors since the lows of 2022. Massive capital investments is driving the markets and the economy. Data center construction spending surpassed $50 billion…For the first time, data centers are widening the lead over general office construction. What does it mean – As technology evolves and the more people adopt AI, data needs to be stored and accessed. Every day we add massive amounts of data requiring more chips, more energy, and more facilities to house and protect that data. As long as we are accessing information, creating content, and AI continues its parabolic demand, we will see this trend continue. 
The trade deficit narrowed more than expected in April…Driven by a significant jump in exports that outpaced the rise in imports. What does it mean – US exports of crude oil and petroleum remained higher than usual as demand for energy continues to grow as data centers and AI’s insatiable appetite for energy continues to ramp. Not to mention Iran still has not figured out that they will not be allowed to develop or purchase nuclear weapons and material. Nor will the world tolerate the continued support for terrorism throughout the world by Iran’s Islamic Revolutionary Guard Corps (IRGC) or by its proxies in the Middle East and throughout Africa, Latin America, and in Asia. Energy and specifically oil is in the cross hairs and on the mind of every American; and it powers everything.
