Here is a trend that is not your friend…
Change In NonFarm Payrolls:
Last 3 Months Average – 143K
Average Previous 3 Months Before That – 182K
Average Previous 3 Months Before That – 207K
Average Previous 3 Months Before That – 209K
Let’s recap. Shutdown. Fear of U.S. Government default. Congress kicked the can down the road to the beginning of 2014. Payroll data showing a clear weakening trend.
If you hear any pundit on TV talking about the Fed tapering its economic support program this year, change the channel because it is coming from someone who is clearly in denial. And that’s “denial”, not “da Nile”.
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury