The bruhaha re: the ObamaCare systems implosion overshadowed the belated September jobs report.
To get you up to date …
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Nonfarm employment increased by 148,000 in September … analysts were expecting 180,000 … which is about the average for the past 12 months.
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Importantly, jobs are being added disproportionately in services (think hotels & fast-food places) … not in manufacturing.
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And, there’s more to the story …
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Jobs growth is barely keeping keeping pace with working-age population growth … so the ratio of employment to population — has been flat … after falling almost 5 percentage points from pre-financial crisis levels.
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And, labor force participation rates continue to fall … especially among women.
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October 25, 2013 at 10:45 am |
Appears that quite a few women have decided that being a mother and taking care of home is worth more than commuting to a crappy job that barely pays enough to cover childcare.
There’s a lot of noise on the data, including a long term decline in manufacturing that accelerated due China being a low cost/low regulation locale.
I know you’d like to paint Obama as the culprit, but the Titanic has been sailing among icebergs for quite a while now. Nevertheless, the US has fared better than most.