Photo: White House via Flickr
It’s February 1, so we’re getting the first full-month January data.And it’s clear we’re off to a great start.
In fact, some of the biggest areas of concern are specifically being alleviated by what we’re getting.
Non-Farm Payrolls added 155K in January, though the revisions to December and November were so solid, that the trajectory of the labour economy looks very nice.
Crucially, University of Michigan Consumer Sentiment showed a surprise jump in January, which is huge, since this directly contradicts a weak consumer sentiment survey that we got earlier this month. This question of consumer sentiment is massively important, because the increase in the payroll tax (via the expiration of the payroll tax holiday) is one of the biggest reasons to worry about the economy. If sentiment is holding up, that’s great.