Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake.
"... In reality, any number of statistics can be trotted out to support a given narrative. It should not be a secret that our late-cycle narrative expects further deceleration.
Is a recession immediately imminent? … the balance of lead labor market data doesn’t suggest that, but we are in the twilight of the current expansionary cycle and the slope of the line across a growing number of indicators has gone negative. Today’s employment report for October won’t change the trend in payrolls."