Dec Payrolls fell by 85k but Nov showed a positive gain of 4k up from the initial report of -11 but Oct was revised down by 16k. Household employment fell by 589k but because the labor force fell by 661k, the unemployment rate remained unchanged at 10% and this continued drop in the labor force is why the unemployment rate will remain high even when jobs are being added b/c these people will eventually come back into the labor force. The all in rate rose to 17.3% from 17.2%. The average duration of unemployment rose to 29.1 weeks and avg weekly hours was unchanged at 33.2. Most sectors lost jobs but temp rose by another 47k, up for a 5th month and usually is a precursor to permanent hiring. The financial sector actually showed a job gain. Ex Post Office, the Fed’l Govt added jobs while state and local cut. The birth/death model magically added 59k, the same as Dec ’09. Net-net, we are not in your typical WWII recovery and major headwinds still remain as lumpy may be the best description of the recovery we will see.
Payrolls blah, this is not your typical post WWII recovery
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