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Economic Outlook: Employment Continues to Rise


By Davidson

This has been another full data week and all of it remains very positive.

The flurry of forecasts of the Dow Jones plunging from 18,000 to 5,000, a dire economic calamity, from 6wks ago have faded rapidly in investor memory as the march of economic data continues higher. This week’s monthly vehicle sales came in at a 18.2mil SAAR(Seasonally Adjusted Annual Rate) placing this year’s sales pace at record levels if it continues. Establishment Emp reported at an 271,000 increase and Household Emp Survey reported at an 320,000 increase were much higher than consensus. If you look at the chart below which shows Light Vehicle Sales vs. Household Survey Employment, it should be clear that the trends in place from 2009 continue. What makes equities rise has always been news which was better than expected...