The stock market is forward looking. People investing are looking ahead, in 3 - 30 months, where the economy will be.
Leading, not co-current with sales. Unemployment rates are lagging. Companies do not hire until sales pick up and the cannot cover with OT. It always has been this way, is today, and always will be into the future.
That is not me predicting it. It is what my large, successful investment manager (and similar investment managers) have said for years. They have shown the data that demonstrates it as fact.