🇺🇸 The growth in compensation, and thus the growth in the unit cost of labor, slowed again in Q2:

Compensation growth slowed to 4.0% q/q in Q2 from 5.0% in Q1 and 5.5% in last year’s Q4.

As a result, unit labor costs advanced only 1.6% q/q in Q2, down markedly from a 6.9% quarterly gain in Q1. However, on a y/y basis, unit labor costs increased 2.6% y/y in Q2 versus 2.0% in Q1.

Annual unit labor costs have been on an uptrend since the middle of last year.

📊 CHART WATCH 📊

🇺🇸 Tracking Trump’s approval rating over time against the 4 most recent terms…

✅ CHART WATCH ❌

🇨🇦 Canada’s balance of trade is broaching new lows beneath Trump 1 territory. Reuters:

Canada's merchandise trade deficit widened in June to C$5.9 billion ($4.24 billion)…The deficit observed in June is the second highest on record after the deficit expanded to its largest in history in April to C$7.6 billion.

Canada's exports to the U.S. as a share of total exports shrank to 70% in June from 83% in the same period a year ago while its surplus with the U.S. contracted by a half in the same period, data showed.

📉 CHART WATCH 📉

🇩🇪 The spread between CDU/CSU and AfD has narrowed yet again…

🗳 CHART WATCH 🗳

🇺🇸 Never forget what they took from you…

‼️ CHART WATCH ‼️

🇺🇸 Adobe’s Digital Price Index (DPI), year over year change from July of 2024 to July of 2025.

More deflation in digital prices—particularly in apparel...

📊 CHART WATCH 📊

🇺🇸 Yeah, that explains a whole lot…

📱 CHART WATCH 📱

🇺🇸 Nvidia ($NVDA) is now the largest weighted single stock holding in S&P 509 ($SPX) history…

🫑 CHART WATCH 🫑

🇺🇸 The Buffett Indicator (U.S. stock market capitalization/gross domestic product) has hit a new all-time high of 213.3%.

But, you know…AI and stuff.

🚨 CHART WATCH 🚨

🇺🇸 Treasury issuance is still climbing, stressing the limits of demand for long-term debt.

As such, debt continues to accumulate.

📈 CHART WATCH 📈

🇺🇸 Insider trading activity this summer has involved a whole lot of selling.

Not that insiders are always right, but certainly worthy of note.

🔽 CHART WATCH 🔽

🇺🇸 The MOVE Index (treasury volatility) is falling to multi-year lows. This level was last visited January 18th of 2022.

This may be indicative of complacency, but for now, there’s little fear in the market.

⏩ CHART WATCH ⏪

🇺🇸 Will the breakout continue in the Lithium ETF ($LIT)?

🧪 CHART WATCH 🧪

🇪🇺🇷🇺🇨🇭🇬🇧🇳🇴 Where are personal income taxes highest in Europe?

🏰 CHART WATCH 🧿

🇺🇸 Last Week’s Returns Leaderboard (Week Ending in 8/8)

The Nasdaq (+3.9%) and the Mag 7 (+5.3) in particular did well in the past week of trading, as did European & German stocks (~ 4.0 each)…

Oil had a rough time as it dropped 5.1%, followed by the Dollar (-0.9) and the 30-year U.S. Treasury bond (-0.7).

🔼 CHART WATCH 🔽

🇩🇪 German economic numbers are starting to test COVID ranges.

Believe it or not, this is not a great sign. This is the country they wanted you think was “the new safe haven” in April…

📉 CHART WATCH 📉

🇺🇸 The M2-to-GDP ratio is stabilizing under the long-term trend in growth thereof…

📈 CHART WATCH 📉

Bitcoin dominance ($BTC.D) is cozying up between the two support lines.

Alt season on the way? We’ll see if it recovers like November, but the alt charts do look a little froggy (not to mention $ETH).

🪙 CHART WATCH 🪙

🇺🇸 MAG 7 vs. S&P 500 vs. S&P 493 - Net Income Growth

📊 CHART WATCH 📊

🇺🇸 25-Year Low in Health Care vs. S&P 500 - Market Shift Ahead?

📉 CHART WATCH 📉

Ethereum ($ETH) has awakened. Will it catch up?

🔷 CHART WATCH 🔷