A Government-Run U.S. Economy
Government job surge masks private sector malaise in the employment data
Highlights
• Government job surge masks private sector malaise in the employment data
• Shrinking wage growth differential between “job hoppers” and “stayers” is good news for bonds
• Shelter components are starting to break in the CPI data
• Keep an eye on the consumer frugality theme this earnings season
Key Takeaways
Awaiting China’s Stimulus
• We close the…
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