"Reading [data releases] without reflecting is like eating without digesting"

The market rallied on the latest monthly US job data released on Friday.

This note aims to put into context the monthly volatility and highly revised numbers into its cyclical economic framework.

We do this through the lens of many graphs (and sources) of differing elements of labour indicators and the resulting confidence and consumer and business behavioural impacts.

Our conclusions are not like the knee-jerk market price reactions.