Below is our "Chart of the Day" and a brief excerpt from today's Early Look written by Macro analyst Christian Drake.
|
A commonality innervating all of the labor data is, of course, deceleration. An exceedingly self-evident and mostly trivial conclusion but also most of what matters. Consumption fragility will progressively intensify as excess savings have been exhausted, the savings rate sits near historic lows & incremental revolving credit capacity is increasingly constrained. And macro precarity will continue to intensify alongside the risk that cumulative deterioration hits a critical threshold and catalyzes some version of trapdoor conditions for labor/demand/passive flows. The depth & duration of global/local Quad 4 conditions will act as the throttle on that risk. |
If you're tired of MSM/CNBC narratives and BS financial research, we encourage you to take a closer look at the Early Look. You can thank us later.
