Monthly Snapshot Jan 2024
January 31, 2024 by oneheritage
The January US employment report was a real blockbuster. The initial estimate for the number of jobs added was over 350k, nearly twice the forecast. Moreover, the jobs data for December was revised upwards by over 100k. While employment is a lagging economic indicator rather than a forward one, this level of jobs growth is certainly a remarkable (and surprising) feat in the face of over 500bps of rate hikes. Chart 1 on the next page shows the monthly jobs data over the past 2 years.
Click Jan’24 Strategy Snapshot to read the article in full.
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