Chart of the Week

By Colin Twiggs
February 7, 2020 11:30 p.m. EDT (3:30 p.m. AEDT)

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US Payroll growth (YoY) recovered to 1.5% in January , from a low of 1.2% in June 2019.

Payroll growth

But growth in hours worked continues to decline, warning that real GDP growth is likely to follow.

Real GDP & Hours Worked

Easy monetary policy, far from boosting the economy, is likely to lead to stagnation. We urge investors to be cautious.

The wise man does at once what the fool does finally.

~ Niccolo Machiavelli, The Prince (1532)

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