Editor's Note: Below is an excerpt and chart from today's Early Look written by Hedgeye U.S. Macro Analyst Christian Drake. Click here to learn more.
ACA has proven effective as a jobs and consumption stimulus program. It served to augment employment growth over the last two years and has helped support headline payroll gains in the face of ex-healthcare softening in 2016.
However, as the #ACATaper theme plays out and the benefit decays, the support to NFP will similarly diminish.