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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. 

CHART OF THE DAY: #ACATaper Likely = #NFPTaper - cd 1