The closely watched US employment report did not come out on the first Friday of the month due to the unusual calendar for Christmas and New Year’s holidays this year. The data that was released – the manufacturing Purchasing Managers’ Index, auto sales and construction spending – were key indicators early in my career, as they told the status of the most volatile sector for labor demand, and consumers’ confidence in the economy reflected through their interest rate sensitivity in purchasing new big-ticket items. Today, they are of much less interest, as manufacturing has shrunk to about 10% of US employment, and autos and housing are largely replacement markets.
top of page
bottom of page
Comments