Industrial metals are surging to start the year and, this time, Chinese demand doesn’t seem to be driving the move. Historically, this has been interpreted as a sign of increased economic activity, which would be welcome news to U.S. manufacturers and other cyclical industries. As the labor market continues to soften, blue collar employment may be a canary in the coal mine. The Supreme Court did not issue a ruling on the legality of tariffs this past Friday, but it’s only a matter of time. Venezuelan oil. The ETF industry is firing on all cylinders.
1. Industrial metals are joining the party:
Source: John Authers, Points of Return
2. Dr. Copper is leading the way:
Source: John Authers, Points of Return
3. The last few years have been difficult for U.S. manufacturers:
Source: Bloomberg Evening Briefing
4. Hiring the in the construction industry slowed notably in 2025:
Source: @FrankLuntz
5. Leading to a contraction in blue collar employment:
Source: Joseph Politano – Apricitas Economics via the Daily Chartbook on 1/7/2026
6. The private education and health services industries were responsible for most of the employment growth in 2025:
Source: @byHeatherLong
7. A soft labor market means slower wage growth at the low end:
Source: John Authers, Points of Return
8. Companies are positioning themselves for a Supreme Court ruling striking down certain tariffs:
Source: Bloomberg Markets Daily
9. If Tariffs are struck down, consumer-oriented sectors would be among the largest beneficiaries but, perhaps surprisingly, the industrials sector would be a major beneficiary as well:
Source: Bloomberg Markets Daily
10. Call me a cynic, but I’m not sure I trust Venezuela’s stated oil reserves:
Source: @johnarnold
11. Break out the champagne:
Source: Katie Greifeld – Bloomberg, via the Daily Chartbook on 12/24/2025
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