When a falling unemployment rate is bad news

What happens when the unemployment rate falls even as jobs disappear?

Mindy Gudmundson, Institutional Portfolio Manager on RBC GAM’s BlueBay U.S. Fixed Income team, unpacks a week of mixed market signals and what they reveal about the labor market beneath the headlines.

Job losses concentrated in consumer-facing sectors hint at a cooling labor marketA falling unemployment rate reflects workers leaving the workforce, not underlying strengthThe Fed's new chair is letting data, not commentary, steer policy

It's a week where the numbers told two very different stories, and the gap between them is where the real insight lives.