California employment reporting adjustments show most of reported employment gains last year had to be adjusted substantially downward. In brief, reported employment increases of close to 300,000 had to be revised downward to only 50,000 actual. Across the U.S. food prices and oil prices again moving higher as keeping overall inflation expectations at a higher rather than lower range. Meanwhile, the leaders of the stock market rally are experiencing serious issues in term of their cash flows and valuation. Expectations for no Fed easing of interest rates gaining traction.