Employment Report: A short thread on the rate of change
1/n
1/n
Total employment growth slowed to 1.4% year over year
2/n
2/n
Private payrolls growth slowed to a multi-year low at 1.52%
3/n
3/n
Construction payrolls growth held essentially flat y/y
4/n
4/n
Manufacturing employment growth slowed to 0.36% year over year.
5/n
5/n
The auto sector remains in bad shape with negative y/y payrolls growth
6/n
6/n
Trade, transportation, and utilities - a more cyclical read on services payrolls, ticked up marginally within a downtrend.
7/n
7/n
There is still no acceleration in the y/y growth rate of manufacturing hours worked
8/n
8/n
The most important chart, and one for the bulls, is that the growth rate in my cyclical employment basket has accelerated in y/y terms again, despite the weak headline.
9/9
9/9
