RT Journal Article SR Electronic T1 Labor Conditions and Future Capital Market Performance JF The Journal of Portfolio Management FD Institutional Investor Journals SP 54 OP 71 DO 10.3905/jpm.2016.43.1.054 VO 43 IS 1 A1 Rob Arnott A1 Feifei Li A1 Xi Liu YR 2016 UL https://pm-research.com/content/43/1/54.abstract AB The authors find a linkage between labor market conditions and future capital market returns: An increase in the unemployment rate is linked to positive excess returns in both stock and bond markets for the 24-month period following the unemployment rate announcement. Furthermore, by controlling for some well-known market and macroeconomic variables, the authors find that the unemployment rate still preserves, in general, its power in predicting future capital market performance.TOPIC: Performance measurement