- 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:
Important note: There was a decline of 268,000 in government jobs. This included -147,000 census workers and -159,000 teachers!
This was an extremely strong report. About the only negative was the big decline in education jobs, which may have been a quirk of seasonality. Everything else was positive.
The household report’s gain of over 2 million jobs was responsible for most of the good news, including the decline in the un- and under-employment rates, and gains in both full and part-time jobs, as well as gains in aggregate hours and payrolls.
Further, all of the leading jobs sectors showed gains. This bodes well for the months ahead.
Nevertheless, only a little over half of all of the jobs lost due to the pandemic have come back, and the rate of increase since June has slowed to a *relative* crawl. It would take another 18 months, at the rate of this month’s job gains, to get back to the number of jobs that existed in February.