- by New Deal democrat
Leading employment indicators of a slowdown or recession
I am still highlighting these because of their leading nature for the economy overall. These were positive:
Wages of non-managerial workers
Aggregate hours and wages:
Other significant data:
A special note: government job losses were 216,000, most of them temporary census workers. Without these, the net gain in jobs was 877,000.
This was certainly a positive report, but a drastic slowdown in improvement compared with prior months. Most noteworthy that that part-time jobs constituted about 3/4’s of the improvement. That permanent job losers increased substantially is not a good sign for the months going forward.
A “not so bad” element of the report is that both unemployment and underemployment have dropped to “normal” recession levels.
The best news in this report - the last before the November election - was that all of the leading job sectors and indicators were positive. As I have said many times in the past few months, this is an economy that *wants* to improve. All that remains is gaining control over the pandemic, which has proved impossible for this Administration.