At 4.0, the Fed's goal-seeked 19-factor Labor Market Conditions Index (LMCI) [4] is unchanged in October (but everyone said Friday that jobs were great?). This is marginally below the average level of the last 4 years and provides the perfect ammunition for the Fed to be lower-for-longer... even as initial jobless claims near 40 year lows.
Not exactly the picture of awesomeness that the talking-heads would suggest eh?
[5]
Jobs better improve soon or the animal spirits are gonna fade...
[6]
But then again - when have jobs had anything to do with stocks?
[7]
Charts: Bloomberg
