Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>The US labor market has shown great resilience after the pandemic – together with the rest of the US economy – but employment has stood out as overly resilient with NFP and other labor data coming in very hot some months despite PMIs and consumer data hinting of a slowdown of the overall economy.</li><li>However, there might be a very good reason for this.</li><li>Each month, payroll-data is adjusted with the ‘Birth/Death adjustment’, which takes into account the net job creation associated with opening/closing of businesses, and over a 6 month period, BLS has assumed that around 800-900k jobs were created on a net basis as a function of entrepreneurship alone.</li></ul>

The US labor market has shown great resilience after the pandemic – together with the rest of the US economy – but employment has stood out as overly resilient with NFP and other labor data coming in very hot some months despite PMIs and consumer data hinting of a slowdown of the overall economy.However, there might be a very good reason for this.Each month, payroll-data is adjusted with the ‘Birth/Death adjustment’, which takes into account the net job creation associated with opening/closing of businesses, and over a 6 month period, BLS has assumed that around 800-900k jobs were created on a net basis as a function of entrepreneurship alone.

US Labor Watch – The plot thickens