Strikes and work stoppages. Supply disruption for the sector, wage-inflation signal for the Fed.
What to watch: BLS work stoppages; port and auto negotiations. It arrives event, and the effect typically lasts weeks.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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