My sense of things is that companies hit the pause button at the end of the first quarter, and are taking a wait and see attitude with respect to the economy (the market looks as though it is doing something similar).
If we lose confidence, there is a good chance we will see a second wave of lay-offs with concomitant, negative flow-on effects to the economy.
Are lay-offs the tail wagging the dog (the economy), or the dog wagging the tail?
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