Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
For “Small Businesses” in America reality it is harsh.
As you can see in today’s Chart of The Day, in 1-3 months it can be pretty much over. At > 50% of total employment and > 80% incremental hiring, Small and Medium sized businesses fuel both late-cycle US employment and consumption growth, don’t forget.
‘Oh just send them some checks and/or lever them guys and gals up’, eh?
Again, while consensus bulls might think it’s “different this time” (they’re right, USA had the most Corporate Leverage in human history, pre-virus), I’m thinking those of us who have been accurately bearish should re-consider if we’re Bearish Enough.