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There was one key stat from this week which helps explain the increasingly desperate state of the US labor market, offering background behind the "unexpectedly" weak payroll numbers from Friday. August's estimate was its lowest since...May 2009. Given the connection to employment, it all fits together with so many other signals including record low copper-to-gold. Yep, record low.

Eurodollar University's weekly conversation w/Steve Van Metre

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ISM Services August 2025
https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-reports/services/august/

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