Morningstar recently observed that accurately assessing the directional strength or weakness of the US labor market requires a broad review of factors. Correctly advising in December that the weak print for the then-current payrolls report (November) was “likely just a blip given strength,” based on a more expansive read of economic data. The analysis inspires a deeper look into macro factors in search of perspective to the question: What’s relevant (or not) for evaluating labor market activity?

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