The Exchange Jobs Report Blowout, Top Tech Picks, and Data Center Tailwinds 2/11/26
Feb 11, 2026
Tom Donnelly, head of Mazda North America, on U.S. consumer demand, CX-5 strength, manufacturing moves and pricing amid tariff worries. Nancy Tangler, CEO and CIO of Laffer Tangler Investments, on tech positioning, AI-driven rotation and top software names to watch. They discuss hiring surprises, Fed implications, data center generator tailwinds and where investor opportunities may lie.
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Jobs Report May Overstate Stability
- January payrolls were perversely strong due to seasonal adjustments and weak pre-holiday hiring.
- Tom Simons and Steve Leisman say hiring has slowed and the report may overstate underlying strength.
Prime-Age Participation Has Rebounded
- Prime-age participation hit its highest since 2000, reversing long-term slack.
- That reduces the pool of unemployed and lowers the break-even hiring pace required.
Don't Read The Fed Tea Leaves From One Month
- Avoid overreacting to one monthly payroll print when gauging Fed policy.
- Wait another month for confirmation before assuming a durable jobs trend change.