Without a question, unemployment is a lagging indicator. I need to study how the data is collected, when unemployment is counted, and what other sources there are to check against the department of labor.

I also believe companies have shied away from layoffs in favor of cutting Cap Ex to meet earnings estimates. In Tech most labor is Cap Ex. When non-Tech starts to cut Op Ex we will see larger waves of layoffs.

If I am right about Cap Ex being the cost savings measure for companies in this Quarter, then it may make it harder for those companies to switch on growth again.