Both net positive US earnings revisions and our indicator of underlying real quarterly US GDP growth suggest that the US is slowing (currently standing at 3.2% annualised) following a boost towards the end of last year.
Today's employment report suggest that the labour market has gotten a boost since Trump's win, with employment accelerating from a low base, wages picking up and unemployment falling slightly.
Is this simply 'Trump Spirits', or is this a temporary lift as companies race to build inventory ahead of a new trade war?
Comments