Ugh. Typically the jobs report, our favourite economic datapoint to cover, comes on the first Friday of the month, i.e. tomorrow.
But this month it’s not until next Friday, and the wait is really annoying.
Here’s the good news though.
Today we get February auto sales.
Why is that good?
Because if you divided auto sales by the total population and inverse that (red line), going back over over 3 decades, you get a line that tracks the unemployment rate (blue line) really nicely.
We’ve updated a chart we originally saw posted on Morally Bankrupt.
In January, auto sales came in at a 14.1 million seasonally adjusted annual rate. This month the range is for sales of 14 to 14.4 million. Anything strong should augur another good jobs report.
We’ll be tracking the numbers all day as they come in from the various automakers.