Hidden under the covers of this morning's already dismal headline print in
the Philly Fed data was a considerably worse than expected employment sub-index.
Historically this has correlated highly with the non-farm payroll print and
suggests (albeit correlation is not causation but gathering real evidence of a
slowdown is) that we are heading for a negative print in the next employment
report.
(h/t Brad Wishak at NewEdge)
(h/t Brad Wishak at NewEdge)
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