Weekly Market Commentary 2/22/2019
Aside from the persistent strength in the labor market, virtually every key economic report for December and January has come in weaker than expected. To some this confirms the notion that labor market data, particularly on payrolls, wage growth and unemployment should be viewed as lagging indicators. The sustained strength in the job market reflects earlier strength in the economy that encouraged businesses to hire more workers to generate output. What’s more, given mounting labor shortages following a record 100 consecutive months of payroll increases that has driven the unemployment rate down to 50-year lows, employers are reluctant to lay off workers at the first sign of economic weakness, which may or may not be temporary.
- DATE: February 22, 2019
- TYPE: PDF
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