E.J. Antoni

We're getting closer and closer to a point where we're going to have to start fuel rationing, and that is when prices really start to go up, unfortunately.

Well, just more volatility, unfortunately.

It's just all sheer uncertainty.

Nobody has any idea which way this is going to go, how this is possibly going to conclude.

And it's not just a matter of folks don't know how soon the Strait of Hormuz will be open, for example.

A lot of people don't even know if the U.S.

even has an off-ramp.

at this point.

So as the world's crude supplies continue to dwindle, as we continue to burn through those reserves to make up for the one-fifth of oil supply, basically, that's missing from the globe right now, we're getting closer and closer to a point where we're going to have to start fuel rationing, and that is when prices really start to go up, unfortunately.

Well, there's a lot of conflicting data.

And so what we do essentially is we take all of the metrics that we have and we try to weave a story together that explains all of them.

So here goes.

The number of jobs increased much better than expectations.

So that's good, last month.

But at the same time, in April, the number of people employed actually fell pretty substantially, over 200,000.

And if we look at other internals of the report, what we find is that

People increasingly took on multiple jobs.

So people who already had a full-time job took on a part-time job.

Some people who already had two jobs took on a third, let's say.

And the number of people who actually had full-time work declined.