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Takeaway: Jobs are the latest of #LateCycle indicators. NFP peaked in rate of change terms in Febraury 2015.

Click The video below to watch

This past November Hedgeye CEO Keith McCullough nicknamed the supposedly strong October jobs number the, "Where’s Waldo jobs report." His message was clear: So what.

McCullough's point was that jobs are the latest of #LateCycle indicators and that NFP had already peaked in rate of change terms in Febraury 2015. On a related note, consensus missed today's jobs number because they don't understand our thesis. 

Watch the video above for more of his analysis. And feel free to show the chart below of NFP rolling over to anyone claiming the last few months of jobs reports have been "good" ...

Click to enlarge