While the absolute number for aggregate payrolls was revised downward, the upward trend remained intact.

Fundamentally, the US remains structurally short aluminium, with domestic smelting capacity having declined over the past two decades due to high power costs and global competitive pressures.

Despite Micron's impressive run, significant upside remains available in 2026 and beyond.

We can think of our efforts to understand the economy as being like putting together a jigsaw puzzle. Each data report gives us a piece, but none of them can tell the whole picture.