We noted earlier that the error to the consensus forecast, both for economic activity in general and for payrolls particularly, is to the weak side. That is, there will be more vigor ahead than expected. This will be the trend.
Today’s payroll release for Oct cooperated nicely. Payroll rose 161M vs expectations of +60M. Importantly, private sector jobs rose by 159M, the 10th straight monthly gain.
Also of note this am was that the average workweek (a leading indicator for new hiring) rose to 34.3 hours vs expectations of no change from 34.2. This is its highest level since Nov/08.
We’re no where near recovering all the lost jobs naturally; in fact, many will never be recovered. They’re history. But the economy is generating sustained, modest increases in employment folks, a near miracle considering the hindrances placed upon it by Obama and other levelers.
We need only to get past the lame duck Dem’s, many of whom will be up to no good.
Employers and consumers alike will be cheered by what they hear from the new Congress.
Robert Craven
Today’s payroll release for Oct cooperated nicely. Payroll rose 161M vs expectations of +60M. Importantly, private sector jobs rose by 159M, the 10th straight monthly gain.
Also of note this am was that the average workweek (a leading indicator for new hiring) rose to 34.3 hours vs expectations of no change from 34.2. This is its highest level since Nov/08.
We’re no where near recovering all the lost jobs naturally; in fact, many will never be recovered. They’re history. But the economy is generating sustained, modest increases in employment folks, a near miracle considering the hindrances placed upon it by Obama and other levelers.
We need only to get past the lame duck Dem’s, many of whom will be up to no good.
Employers and consumers alike will be cheered by what they hear from the new Congress.
Robert Craven
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