Strong US jobs report confounds economists

MoningStar/Lauren Solberg/2-6-2023

“Caldwell says that either jobs growth is being overestimated, economic growth is being underestimated, businesses are hiring aggressively into an imminent economic slowdown, or a mix of all three. ‘And if businesses really are hiring aggressively ahead of an economic slowdown, then business profits are about to take a nosedive, which will likely lead eventually to reduced hiring and layoffs,’ he says.”

USAGOLD note: Some offbeat analysis of the jobs report from Morningstar’s chief economist Preston Caldwell. It’s not so much what the numbers say, but what they portend.