[unable to retrieve full-text content]Dshort will be offline Thursday and Friday, Septembre 12 and 13. We will publish missed economic news on Monday.

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Here’s the latest on the three largest cryptocurrencies by market share: bitcoin, Ether, and Ripple.

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The 20th century Baby Boom was one of the most powerful demographic events in the history of the United States. We’ve created a series of charts to show seven age cohorts of the employed population from 1948 to the present.

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Note: This commentary has been updated with the latest numbers from Friday’s Employment Report. Consider: Today nearly one in three of the 65-69 cohort and one in five of the 70-74 cohort are in the labor force.

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We’ve updated our monthly workforce analysis to include Friday’s Employment Report for August. The unemployment rate remained at 3.7%, and the number of new nonfarm jobs (a relatively volatile number subject to extensive revisions) came in at 130K.

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Today’s release of the August Producer Price Index (PPI) for Final Demand came in at 0.1% month-over-month seasonally adjusted, down from 0.2% last month. It is at 1.8% year-over-year, up from 1.7% last month, on a non-seasonally adjusted basis. Core Final Demand (less food and energy) came in at 0.3% MoM, up from -0.1% the previous month and is up 2.3% YoY NSA. Investing.com MoM consensus forecasts were for 0.1% headline and 0.2% core.

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The moving average for the per-capita Light Vehicle Sales series peaked in 1986. Thirty-plus years later, it is now down 30.1% from that 1986 peak.

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The Labor Force Participation Rate (LFPR) is a simple computation: You take the Civilian Labor Force (people age 16 and over employed or seeking employment) and divide it by the Civilian Noninstitutional Population (those 16 and over not in the military and or committed to an institution).

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At present, multiple jobholders account for just 5.1 percent of civilian employment. The survey captures data for four subcategories of the multi-job workforce, the current relative sizes of which we’ve illustrated in a pie chart.

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Let’s take a closer look at Friday’s employment report numbers on Full and Part-Time Employment.

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The latest monthly employment report showed a gain of 130K nonfarm payrolls, which consists of a gain of 118K service-providing jobs and a gain of 12K goods-producing jobs.

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The headline number for August came in at 103.1, down 1.6 from the previous month. The index is at the 87th percentile in this series.

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The price of Regular and Premium are down a penny from last week. According to GasBuddy.com, California has the highest average price for Regular at $3.62 and Mississippi has the cheapest at $2.15. The WTIC end of day spot price closed at 57.85, up 7.2% from this time last week and a 19% increase since the beginning of the year.

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All eight indexes on our world watch list posted gains through September 9, 2019. The top performer is China’s Shanghai SSE with a 22.69% gain and in second is France’s CAC 40 with a gain of 19.18%. In third is our own S&P 500 with a gain of 18.66%. Coming in last is India’s BSE SENSEX with a gain of 3.49%.

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The S&P continued its rebound this week, ending Friday up 1.79% from the previous Friday. The index is up 18.82% YTD and is 1.56% below its record close.

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What does the ratio of unemployment claims tell us about where we are in the business cycle and our current recession risk? At present, the ratio for Continued Claims has been trending down.

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This commentary has been updated to include this morning’s release of Nonfarm Employment. August’s 130K increase in total nonfarm payrolls had revisions that resulted in 20K less jobs than previously reported. The Investing.com consensus was for 1640 new jobs and the unemployment rate to remain at 3.7%.

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Here’s an interesting set of charts that will especially resonate with those of us who follow economic and market cycles. Imagine that five years ago you invested $10,000 in the S&P 500. How much would it be worth today, with dividends reinvested but adjusted for inflation? The purchasing power of your investment has increased to $15,325 for an annualized real return of 8.57%.

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This update is in response to a standing request for real (inflation-adjusted) charts of the S&P 500, Dow 30, and Nasdaq Composite.

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The S&P 500 ETFs tracked include State Street Global Advisors’ SPDR (SPY), iShares Core S&P 500 ETF (IVV), and Vanguard’s S&P 500 ETF (VOO).

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This morning’s release of the publicly available data from ECRI puts its Weekly Leading Index (WLI) is currently at 143.2, up 0.1 from the previous week. Year-over-year the four-week moving average of the indicator is now at -2.62%, down from last week. The WLI Growth indicator is now at -2.87, also down from the previous week.

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This morning’s employment report for August showed a 130K increase in total nonfarm payrolls, which was below the Investing.com forecast of 160K.

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In this morning’s ADP employment report we got the August estimate of 195K new nonfarm private employment jobs from ADP, an increase over July’s revised 142K. The popular spin on this indicator is as a preview to the monthly jobs report from the Bureau of Labor Statistics.

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The August US Services Purchasing Managers’ Index conducted by Markit came in at 50.7 percent, down 2.3 from the final July estimate of 53.0. The Investing.com consensus was for 50.9 percent.

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The Institute of Supply Management (ISM) has now released the August Non-Manufacturing Purchasing Managers’ Index (PMI), also known as the ISM Services PMI. The headline Composite Index is at 56.4 percent, up 2.7 from 53.7 last month. Today’s number came in above the Investing.com forecast of 54.0 percent.

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Today we have the ADP August estimate of 195K new nonfarm private employment jobs, an increase over the ADP revised July figure of 142K.

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This morning’s seasonally adjusted 217K new claims, up 1K from the previous week’s revised 216K, was above the Investing.com forecast of 215K.

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Here’s the latest on the three largest cryptocurrencies by market share: bitcoin, Ether, and Ripple.

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Our monthly market valuation updates have long had the same conclusion: US stock indexes are significantly overvalued, which suggests cautious expectations on investment returns. In a "normal" market environment — one with conventional business cycles, Federal Reserve policy, interest rates and inflation — current valuation levels would be a serious concern. But these are different times.

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Was the March 2009 low the end of a secular bear market and the beginning of a secular bull? At this point, over ten years later, the S&P 500 has set a series of inflation-adjusted record highs based on monthly averages of daily closes.