DC Lite #531

"Health care & social assistance accounted for essentially ALL of private-sector job growth in 2025"

Author

Daily Chartbook
January 09, 2026

Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.

1. NFP. "Health care & social assistance accounted for essentially ALL of private-sector job growth in 2025 (713k out of the 733k private-sector job gains)."

2. Unemployment rate. "The decrease in unemployment was thankfully shared across categories, whether people who lost a job or those who haven't found one yet. 2025 ends with job leavers at the same 2024 rate, but a large increase in people entering the labor market struggling to find a job."

3. GDP x FFR vs. SPX P/E. "Accelerating/stable GDP growth with Fed cutting supports multiple expansion...best combination".

4. Nasdaq 101-200. "The Nasdaq100 (QQQ) hasn't made a new high since October. But the index that has stocks 101-200 keeps making new all-time highs (QQQJ)."

5. Q4 EPS revisions. In a typical quarter, analysts usually lower EPS estimates during the quarter. That was not the case in Q4 (or Q3).

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