Technical Review

Perceptions of Inflation Are Inflating

On January 10 the Labor Department reported that 256,000 jobs were created in December and the Unemployment Rate ticked down to 4.1% from 4.2% in November. Wage growth eased from 4.0% to 3.9%. Overall the December report was solid, but not without a statistical blemish. The Seasonal adjustment for December 2025 was the most positive in the last 25 years which made a decent number look better. In 2024 2.2 million jobs were created but 75% of them were concentrated in Leisure and Hospitality (288,000), government (440,000) and Health Care and Social Assistance (902,000). President Trump has...

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