The Importance of Manufacturing Data in the Labor Market

I don't expect this week's job jobs report to suddenly show some kind of terrible contraction in the labor market because naturally you do see it in job openings first and the jolts haven't really quite broken yet. So I would still expect it to show up in jolts before we see it in the actual employment report. That being said, when you think about the inflation data that's come in and some of the other data like PMI, which I tweeted while you were talking, it's not always different this time. And yes, our economy is less dependent on manufacturing and I think there's some people out there who are practicing cognitive dissonance.

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