JEPI - The V-Shaped Recovery Never Happened

• NBC recently reported that payroll employment "surged" in February. Specifically, total nonfarm payrolls (seasonally adjusted) grew 379,000 month over month, which was above the expected increase of 210,000.
• A closer look suggests jobs growth is quite a bit more sedate than the media narrative suggests.
• The US has regained 13 million jobs since the bottom of the crisis back in April 2020. But total employment has gone sideways since last November, and is only up by 200,000 over the past four months.
• The unemployment rate remains troublingly high as well. The headline unemployment rate for February was reported as falling to 6.2 percent.

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