Loving Labor

Despite a partial government shutdown and volatile markets, 304,000 net new jobs were created in January, the second-best increase since 7/16, and the 100th straight month of employment gains, more than double the next best stretch. Y-o-Y wage growth remains a strong 3.2% and the labor force participation rate hit 63.2%; tops since 9/13. With data like this, household consumption will remain strong and the Fed will eventually raise rates.

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