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.
"... One relationship we re-highlighted on the call – and one worth highlighting again here since it’s Jobs day – is the relationship between Temp hiring and peak Employment.
The temporal procession looks like this: Temp Hiring Peaks => Jobs Openings Peak => Total Employment Peaks
Specifically, Temp hiring has lead the peak in Job Openings by 9 and 8 months, respectively, over the last two cycles and Job Openings peak shortly ahead of the peak in Total NFP."