While I am waiting for my delayed flight (crew is late arriving form orlando), I have some quik thoughts on NFP.
The data today was pretty ugly — 10.2% Unemployment rate, 17.5% under employed, the highest on record.
The recession that began in December 2007 has now shed over 7.3 million jobs. Out of the total numbers, 5.6 million are out of work six months or longer — 35.6% of the unemployed. That is a record.
The labor continues to shrink. This might be a major demographic realignment of the work force in the US. Just 58.5% of adults are working, the lowest since 1983 (down from~63% 2 years ago).
The most positive news were the gains in temp work. That is a leading indicator.
The bad news? We remain at record lows in weekly hours worked at 33. Consider what that does to future hiring — its devastating to job growth. Why bring on a new body (with all its associated costs) when we can simply add hours to our underutilized work force?
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