Often during client meetings I'll point to the large monitor on my office wall, not always to discuss a featured graph, but at times to discuss the monitor itself -- the fact that it costs a mere fraction of what its far inferior predecessor would've run me, say, 20 years ago.
Yes, one key deflationary feature of all of that productivity-enhancing information technology has been its own declining price over the years.
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Well, we can scratch the notion (explored yesterday) that Omicron will do a number on the jobs number. At least that's the reading from this morning's "Employment Situation Report."
The consensus was for 125k jobs added in January, but, particularly after ADP's report showing a 301k decline, expectations were all over the place. The actual number was +467k.
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ADP's private payrolls report was a shocker this week; showing a loss of 301k US jobs. Expectations were for a 180k increase. Clearly, all of those anecdotes about closed coffee shops, etc., during otherwise peak hours, for lack of available workers (read Omicron, and perhaps confident workers) explains the anomaly that has an economy that sports a record 11 million job openings losing jobs at a clip that is exceedingly rare outside of recessions.
Yesterday's release of the January ISM Manufacturing report tells of a bit of softening in terms of overall activity among the nation's factories.
