The Bureau of Labor Statistics announced its loooong awaited non-farm payroll numbers today, delayed due to the government shutdown. Here is the most relevant chart:
My observation: looking at the 3- month numbers (most relevant because of the long shutdown), it's all about (a) the loss of government jobs and (b) the gain in just one category, private education and health services. Bottom line: jobs are significantly stronger than the headline number where it really matters, the private sector.
The Fed will be looking very carefully at this, I'm sure.
How are private stronger when almost all sectors are hovering around zero?
ReplyDeleteGood comment: almost the entire gain in the private sector came from education and healthcare plus a smaller gain in leisure and hospitality. Nevertheless, the private sector is still adding jobs.
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