Profiit Margim

Productivity Booms As Labor Market Shows Signs Of Revival

When the labor market sneezes, ADP, Paychex, and ManpowerGroup catch colds. The stock prices of all three sold off sharply as hiring cooled starting early last year (chart). But on balance, the latest batch of labor market data suggests that employment conditions may be improving, and employment-related stocks may be bottoming (chart). We disagree with the widely-held notion that AI is a net job killer. In our opinion,