Sunday, December 5, 2010

Where's that Job Recovery?

Two weeks of catching up to do... I'll start with the employment report from Friday and will likely just move forward from here (not even sure where I'd start as there was so much noise from European struggles, to Wikileaks, to North / South Korea, to the J-E-T-S winning another two games).

Household Survey

The household survey showed a continued disconnect (and downturn) from the establishment survey with the number of unemployed AND those not in the labor force jumping. The only "good" news here is that teens are getting hired (likely due to the holiday season?).

Establishment Survey

Unlike the household survey that showed a decline, the establishment survey showed an additional 39k workers (though well below expectations). Worrying (to me) is that private sector growth, which is needed to offset likely job declines from the public sector as states continue austerity measures, appears to be slowing.

Source: BLS