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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake. Click here to learn more.

"... The Data | Ruh-roh? The February data showed the Hiring Plans Index decline -1 pt, the Compensation Index decline -5pts and the Compensation Plans Index decline -3pts; all marking 9 month lows and multiple months of sequential decline (See Chart of the Day above).   


The decline off the recent peak and the failure for hourly earnings to accelerate as labor slack has diminished continues as a lead source of consternation for late-cycle labor and Phillips curve economists."

CHART OF THE DAY: Small Business Compensation Plans Hit 9-Month Lows - NFIB CoD1