We had expected a friendly print. Instead, even private sector jobs rose only 83M, the smallest gain since July/10. The Labor Dept claims we can’t blame the headline result (+54M) on poor weather. Unemployment rose to 9.1% because household employment rose more slowly than did the labor force, thus an increase in the number of unemployed.
We have a slowing in the rate of growth in employment, spending and manufacturing, all three major engines in late Q4, Q1. Pause or trend? We will determine that in the near term.
Robert Craven
We have a slowing in the rate of growth in employment, spending and manufacturing, all three major engines in late Q4, Q1. Pause or trend? We will determine that in the near term.
Robert Craven
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