Demography Unplugged

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Demography Unplugged
All About the Indicators #6
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Recession Indicators

All About the Indicators #6

With the S&P hitting several all-time highs since our last video, how much more room does the market have to run?

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Neil Howe
Feb 21, 2024
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Demography Unplugged
Demography Unplugged
All About the Indicators #6
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We’ve seen a bump in subscribers recently—welcome! Today’s post is the latest of one of Demography Unplugged’s monthly features: All About the Indicators, a video series on macroeconomic indicators. These are a joint effort with Matthew Ahern, an analyst on my team.

Without further ado…

With the S&P hitting several all-time highs since our last video, how much more room does the market have to run?

Employment, for the moment, seems to be a tale of two surveys. While CES Non-Farm Payrolls point to continued strength, the CPS household data shows exhaustion. Total employment is declining, and even aggregate YoY hours (per the CES) have shrunk to zero. The February CPI print has pushed rate cuts back again, which the market has mostly shrugged off already.

AATI #6, which runs 52 minutes, is available below to Premium and comped subscribers. Premium subscribers can view the video below and download the accompanying PDF deck. Comped subscribers will receive a separate e-mail with both items shortly.

Other paid subscribers, you will receive a link to the video only next week.

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