Last week we were presented with a fairly cold employment report with the number of job gains being lowest in 18 months and one of the lowest readings in the last decade. The problem is not necessarily the one weak employment report – which did come with at least some bright spots including a lower overall unemployment rate – but the fact that the data has been unquestionably weak across a number of economic indicators from employment to manufacturing activity to durable goods orders (an indicator of capex intentions).
In this type of environment, it becomes harder and harder to give bad data a “pass” as a one off statistic. This
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