This is our favorite data week of the month with plenty of interesting releases. Monday brings the national Manufacturing PMIs (Markit and ISM), and the Services PMIs will be released Wednesday. The headline figures are always interesting, but in the current context, we will be most focused on the employment component. This is especially true since we get the December payrolls report on Friday. The report should have a "feel good" aspect given the weak (and distorted) numbers in October thanks to hurricanes and the dock workers' strike, so expect revisions to be substantial. At the end of the day, the headline numbers get all the attention, but they subsequently get revised, so they are hard to use on a real-time basis. Still, we are concerned about the recent slowdown in earnings, as it often brings about a fresh wave of layoffs, as the chart here illustrates. Keep a close eye on overtime hours, part-time vs full-time employment, and the number of jobs coming from government hires. All three of these data points will help explain what is really going with labor markets.

The Macro Week Ahead

The Macro Specialist Designation (M² SD)

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The Macro Week In Review

Macro Job Board

Global Market Strategist @ New York Life Investments (New York)

In this role you will develop capital markets perspectives, portfolio strategy, and trade ideas through original research and apply macroeconomic themes to alternative and private markets conditions. 

Macro Strategist @ Bloomberg (New York)

You will turn geopolitics, monetary policy, and economics into actionable market insights. The position requires a keen grasp of financial markets and their interconnections, the ability to instantly recognize market-moving news, the analytical skills to identify underlying dynamics, and experience in writing cleanly under pressure.

VP, Macro Hedge Fund Due-Diligence @ JP Morgan (New York)

Responsible for applying quantitative and qualitative skills, experience, and informed judgment to enhance the performance of client hedge fund portfolios. Will work within the manager research group on all aspects of manager sourcing, due diligence, and analysis of third party relative value and macro hedge funds.

What We Read This Weekend

Why The World’s Powers Are Locked In A Battle Over Computer Chips
Black Friday Hits A Record $74.4B In Sales Online
How China Can Hit Back At Trump

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