October Jobs Report


The reception for Friday's jobs report seems to range somewhere between relief and ecstasy.

Does anyone else find that troubling?

The report shows 129,000 jobs were created last month, and unemployment stayed steady at a very low level.

Hurray for that! Cue the Relief Response

But putting it in perspective:

  • 129,000 is roughly half as many jobs as were created in the same period one year ago (223,000).

  • 129,000 extends a generally downward pattern established about 6 months ago.

  • Roughly one third (40,000) of the October 2019 jobs are in the restaurant and hospitality sectors... Not exactly high paying work.

  • Worker wage and salary has not budged during the last year.

Put those together - and I fail to see what the euphoria is about...

But I suppose it could have been worse. Relief, I get. Euphoria - NOT.


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