Seeking Alpha

April 2018 Employment Flows

|
Includes: BIBL, BXUB, BXUC, CHGX, CRF, DDM, DIA, DMRL, DOG, DUSA, DXD, EDOW, EEH, EPS, EQL, ESGL, FEX, FWDD, GSEW, HUSV, IVV, IWL, IWM, JHML, JKD, OMFS, OTPIX, PMOM, PPLC, PSQ, QID, QLD, QQEW, QQQ, QQQE, QQXT, RSP, RVRS, RWM, RYARX, RYRSX, SCAP, SCHX, SDOW, SDS, SFLA, SH, SMLL, SPDN, SPLX, SPSM, SPUU, SPXE, SPXL, SPXN, SPXS, SPXT, SPXU, SPXV, SPY, SQQQ, SRTY, SSO, SYE, TNA, TQQQ, TWM, TZA, UDOW, UDPIX, UPRO, URTY, USA, USMC, USSD, USWD, UWM, VFINX, VOO, VTWO, VV, ZF
by: Kevin A. Erdmann

Employment flows sure don't show any signs of weakness, either in gross or net terms. Healthy flows from not-in-labor-force to employed, from unemployed to employed, etc. Everything looks good.

No signs here of imminent contraction.

I have been prematurely looking for contraction from an overly hawkish Fed, but there certainly isn't much in labor markets to confirm that position.

Of course, labor markets tend to be lagging or coincident indicators, while equities and the yield curve tend to be more leading indicators. But, things are looking good here.