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Alternative indicators from Revelio Labs, ADP, Challenger, MacroEdge, LinkUp, Indeed, Paychex, NFIB, San Francisco Fed and state-level jobless claims show a labor market that is still doing well.
Most importantly, there are no signs of a sudden rise in unemployment for cyclical reasons or AI reasons.
Our chart book with alternative indicators for the labor market is available here.
Note: Data represent the count of US states (including DC) experiencing accelerating unemployment as defined in Garimella, Jordà & Singh (2025). Sources: Federal Reserve Bank of San Francisco, Bloomberg, Macrobond, Apollo Chief Economist
Sources: Revelio Labs, Macrobond, Apollo Chief Economist 
Notes: MacroEdge job-cuts tracker aggregates public job-cut announcements using four inputs: DailyJobCuts.com, state WARN notices, TrueUp, and Google News.
Challenger Gray & Christmas data are compiled from company press releases, news reports, and SEC filings. Sources: MacroEdge, Challenger, Gray & Christmas, Haver Analytics, Apollo Chief Economist
Sources: ADP, Bloomberg, Macrobond, Apollo Chief Economist 
Notes: The LinkUp 10,000 index captures the sum of US job openings from the top 10,000 global employers with the most US-based job openings. Sources: LinkUp, Bloomberg, Macrobond, Apollo Chief Economist See important disclaimers at the bottom of the page.
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Roughly 25% of the US adult population have a FICO score below 660, see chart below.
Sources: Equifax, Federal Reserve Bank of New York via FRED, Apollo Chief Economist See important disclaimers at the bottom of the page.
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A smaller and smaller share of all tech jobs in the US are in California, see chart below.
Note: Tech jobs are defined as total employment across (1) computer systems design and related services; (2) computer and electronic product manufacturing; (3) software publishers; (4) computing infrastructure providers, data processing, web hosting and related services; (5) media streaming distribution services, social networks and other media networks and content providers, and (6) web search portals, libraries, archives and other information services. Sources: US Bureau of Labor Statistics (BLS), Macrobond, Apollo Chief Economist See important disclaimers at the bottom of the page.
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The current debate about electricity prices is misguided. Inflation in electricity prices needs to be compared with inflation in the overall CPI, and over the past decade, electricity prices have increased exactly as fast as the overall price level in the economy, see chart below.
Sources: US Bureau of Labor Statistics (BLS), Macrobond, Apollo Chief Economist See important disclaimers at the bottom of the page.
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Since the beginning of the year, profit margins have increased for the Magnificent Seven and declined for everyone else, see chart below.
Sources: Bloomberg, Apollo Chief Economist See important disclaimers at the bottom of the page.
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The weekly data for bankruptcy filings shows a clear downtrend in recent months, see chart below.
Note: Filings are for companies with more than $50mn in liabilities. For week ending on October 28, 2025. Sources: Bloomberg, Apollo Chief Economist See important disclaimers at the bottom of the page.
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The number of publicly listed companies has declined by 50% since the mid-1990s, and there is a rising trend in the number of public companies that are taken private, see chart below.
Data as of October 13, 2025. Note: 2025 numbers are annualized. Sources: PitchBook, Apollo Chief Economist See important disclaimers at the bottom of the page.
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Global investment in clean energy is rising, and Europe is accounting for the biggest share, see charts below.
Sources: IEA, Apollo Chief Economist 
Sources: IEA, Apollo Chief Economist 
Sources: European Environment Agency, Apollo Chief Economist See important disclaimers at the bottom of the page.
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Hyperscalers are currently spending a record high 60% of their operating cash flow on capex, see chart below.
Sources: Bloomberg, Apollo Chief Economist See important disclaimers at the bottom of the page.
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There are about 5,500 data centers in the US, and in Germany there are 529, see chart below. The bottom line is that the rest of the world is far behind the US when it comes to AI.
Note: Data as of March 2025. Sources: Statista, Cloudscene, Apollo Chief Economist See important disclaimers at the bottom of the page.
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