Federal and state government employment. One in seven jobs; federal cuts hit specific metros and the contractors around them.
What to watch: Government payrolls; federal hiring freezes and layoffs. It arrives monthly, and the effect typically lasts months.
It sits in tier 4 — Stock and sector specific: Moves one company or one group, not the market. Any factor here becomes tier one if it gets large enough — a bank failure and a pandemic both started as somebody's sector news.
Its neighbourhood
Everything this entry connects to directly. Click any point to follow it.