{"id":4339,"date":"2011-06-03T06:52:24","date_gmt":"2011-06-03T12:52:24","guid":{"rendered":"http:\/\/www.jasonapollovoss.local\/?p=4339"},"modified":"2018-09-21T02:06:10","modified_gmt":"2018-09-21T06:06:10","slug":"employment-growth-is-stagnating","status":"publish","type":"post","link":"https:\/\/jasonapollovoss.com\/web\/2011\/06\/03\/employment-growth-is-stagnating\/","title":{"rendered":"Employment Growth is Stagnating"},"content":{"rendered":"<p><span style=\"font-size: 16px;\"><a href=\"http:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" target=\"_blank\" rel=\"noopener\">The Bureau of Labor Statistics announced this morning that the economy created 54,000 jobs in May<\/a>.\u00a0 This compares to economist expectations for 160,000 jobs created.\u00a0 Separately, the unemployment rate rose to 9.1%, while economists had expected a decline to 8.9%.\u00a0 Private sector jobs grew by 83,000, while government jobs shrank.<\/span><\/p>\n<p><span style=\"font-size: 16px;\"><strong>Analysis:<\/strong> That the economy added jobs is a good thing.\u00a0 However, it&#8217;s obvious that employment growth is stagnating, so let&#8217;s not put lipstick on this pig.\u00a0 Job creation in the previous three months averaged 220,000.\u00a0 Economists were clearly expecting a much higher number of jobs to be created and that they were off by so much is a strong indication of a volatile, unpredictable national jobs situation.<\/span><\/p>\n<p><span style=\"font-size: 16px;\">There are several positive notes, however.<\/span><\/p>\n<p><span style=\"font-size: 16px;\">One, the size of the workforce did not change much in May.\u00a0 That means that the job creation in May wasn&#8217;t just an absorption of those who were previously unemployed, but had exited the job search world, only to re-enter the fray once good jobs news started happening earlier this year.<\/span><\/p>\n<p><span style=\"font-size: 16px;\">Second, the private sector continues to add jobs.\u00a0 This is important because the private sector is typically the driver of gross domestic product (GDP) growth.<\/span><\/p>\n<p><span style=\"font-size: 16px;\"><strong>Importance grade:<\/strong> 10; today&#8217;s data is a startling reminder that the hangover effects of the Great Recession linger on.\u00a0 June&#8217;s job growth number will be very, very important for evaluating the state of health of the economy.<\/span><\/p>\n<p><span style=\"font-size: 16px;\">Jason<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bureau of Labor Statistics announced this morning that the economy created 54,000 jobs in May.\u00a0 This compares to economist expectations for 160,000 jobs created.\u00a0 Separately, the unemployment rate rose to 9.1%, while economists had expected a decline to 8.9%.\u00a0 Private sector jobs grew by 83,000, while government jobs shrank. Analysis: That the economy added [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-4339","post","type-post","status-publish","format-standard","hentry","category-the-blog"],"_links":{"self":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts\/4339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/comments?post=4339"}],"version-history":[{"count":0,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts\/4339\/revisions"}],"wp:attachment":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/media?parent=4339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/categories?post=4339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/tags?post=4339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}