This morning’s Philly Fed survey printed another terrible employment figure. History, non-farm payrolls and the Philly Fed data tend to track eachother pretty closely. The latest figure of -10.7 on the Philly Fed would put payrolls deep in the contraction range.
It’s hard to data mine too much from correlations like this because the Philly data is volatile, but it gives us a pretty good idea of the general weakness of the economy and the strong likelihood that employment reports are unlikely to boom any time soon….
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.