[lbo-talk] jobs

[Doug Henwood]

Another disappointing U.S. employment report this morning. With a 
headline gain of 112,000 in the establishment survey, it was better 
than last month's dismal 1,000 gain (which was, by the way, revised 
up to 16,000), but it's still about half long-term average gains, and 
a third the gain we'd be seeing in a normal recovery spurt. About 
three-quarters of the gains were in retail; few other sectors showed 
significant gains (and a small majority of sectors actually shrank). 
Manufacting contracted for the 42nd consecutive month, a performance 
with no historical precedent since monthly numbers began in 1939. 
Slack labor markets are taking their toll on pay; average hourly 
earnings were up a very weak 0.1%. December-January comparisons are 
complicated by the most extreme seasonal adjustment challenges of the 
year, but the job market remains quite weak.

Doug