Years ago there was a TV commercial about a kids’ toy called Weebles, which “wobbled but they don’t fall down.” The line comes to mind in reviewing recent market activity. Since returning to the White House last month, President Trump has outlined a wave of policy changes, plans and comments that have roiled markets and shaken expectations about the economic outlook. But for the moment, the latest squalls of volatility have come and gone, leaving an upside trend that’s a bit battered but mostly intact.
Daily Archives: February 6, 2025
Macro Briefing: 06 February 2025
US companies accelerated hiring in January, according to the ADP Employment Report. Private payrolls increased 183,000, marking a faster pace for a second straight month. “Hiring momentum in the last quarter of 2024 carried into January with some exceptions, including manufacturing,” notes Nela Richardson, ADP’s chief economist. “We had a strong start to 2025 but it masked a dichotomy in the labor market. Consumer-facing industries drove hiring, while job growth was weaker in business services and production.”
