Once again, a week of worse than expected economic data punctuated by another better than expected non-farm payroll report from the government

ADP private sector payroll report was slightly below estimates

5,000 manufacturing jobs lost - 3rd consecutive monthly decline

Unemployment rate dropped

Labor participation rate up to 62.9 - .2% above lowest point

Large sector of labor force still comprised of older workers

Teens, twenties and thirties are at all-time lows

Older Americans want part-time jobs, so increase of part-time jobs contribute to increase in all jobs

Given the strong government jobs number, the media is discounting all the weak data, including GDP, productivity, consumer spending and industrial production

The jobs we're creating do not reflect economic strength

The weekly unemployment numbers are hovering at 42-year lows

Does anyone believe that this is the strongest economy in 42 years?

The hiring numbers are suspect to begin with because of the government's assumptions

The Trade Deficit dropped not because our exports surged, but because out imports plunged

Our economy is too weak to support a greater number of imports

A closer look at the data behind the government jobs number actually supports the rest of the weak economic data

Personal Income and Spending on the month missed estimates

May Manufacturing PMI dropped slightly

April Factory Orders fell by more than expected

Year over year, orders are down 6.4%

6th consecutive month that factory orders have been down year over year

This has only happened in America during a recession

Mortgage applications fell sharply on the week - 7.6% decline, led by a 12% decline in re-fi's

May Services PMI fell to 56.2 - lowest level since January

ISM Non-Manufacturing Index dropped to 55.7 - the lowest level of the year

The revision to Q1 Productivity - 3.1% decline

We also had a decline in 2014 Q4

Corporate profits plunged 5.9% in Q1

Unit Labor Costs surged by 6.7% - this does not represent wages

All this data predicts future layoffs

The Fed knows this, so they are reluctant to raise rates

The Bloomberg Weekly Consumer Comfort Index fell to 42.5 the 8th consecutive decline - the first time in its 30 - year history

The Dow continued to decline on the jobs report

NASDAQ still hanging in

Margin debt is at a record high

The dollar was stronger on the week

The euro finished positive

By next year European inflation will force the Bundesbank to retreat from QE

Gold was down on the week, as euro strength signals QE less likely in Europe

Expectations of rising interest rates have been suppressing gold, but when reality rears its ugly head, the sellers will be gone and the buyers will be out in full force