What does the jobs report show? Trends that were firmly in place by 2014 are playing out, says TimMullaney
It’s been a springlike week for the persistent breed of optimism that really wants to believe that President Donald Trump is creating a boom where there was only despair before.
If only it were true. And if only the same people, led by White House economic adviser Larry Kudlow, hadn’t been selling the same soap last year. Right before a 20% drop in the S&P 500 SPX, +0.92% that coincided with a fourth-quarter slowdown and one of Trump’s periodic flirtations with luring China and/or Europe into a trade war.
So please, let’s dispense with the notion that job growth has accelerated, that wage growth is skyrocketing or that the rate of decline in the unemployment rate has picked up. None of these is true.Good for stocks For people playing the stock market, this is actually a good thing. The best thing stocks have had going for them throughout this long, often unsatisfying expansion is that low interest rates make stocks more attractive.
Drawing on studies of Fortune 500 companies, Brynjolfsson showed that it takes as long as five years to reap productivity gains from major new technology investments.
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