The Week That Will Be

1. US Jobs (Friday)
Last month's jobs number was so outrageously awful that it's been shrugged off. Another disappointment would be similarly discounted as a data collection aberration. The reopening reflation narrative is strong, clung to even as the velocity of people remains impaired. Political imperatives will keep borders up; the virus will continue to do its evolutionary battle with the vaccines; and consumer habits will have permanently changed. The "labour shortage" currently taking place is like that for tank operators in 1946: some people are now in the wrong place at the wrong time.

This . . .

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