Here is one of the reasons why the Fed is confident the US economy is strong and resilient enough to sustain a rate hike: since January, the US has added 293,900 waiter & bartender positions and zero manufacturing workers.
Unless one is an economist, no further commentary is needed.
If one is an economist, we eagerly look forward to an extended discussion why one should focus only on the blue line and ignore the red one, debate the adverse impacts of the weather (both hot and cold) on manufacturing, listen to how the collapse of high-paying jobs is actually a good thing for low-paid food servers, and how this is merely a confirmation of the bullish split of the US economy into a growing services and a "slightly softer" manufacturing sector.
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Here is the monthly change just in manufacturing jobs: three has been a decline in 3 of the past 4 months.
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