2024-03-12 07:30:00 ET
Summary
- The February jobs report was impressive on the surface (+275K), but nothing to get excited about.
- Most of the recent strength in jobs comes from government hiring, which is the least likely to boost the economy's growth potential.
- As for the unemployment rate, it's quite low, and that's good, but it's no longer falling and could be on the verge of rising.
The February jobs report was impressive on the surface (+275K), but nothing to get excited about. Most of the recent strength in jobs comes from government hiring, which is the least likely to boost the economy's growth potential. Private sector jobs growth - the main source of the economy's vitality - has decelerated significantly over the past two years and is now growing at a modest 1.6% per year. At best, this suggests the economy remains on a 2+% growth path....
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A Quick Recap Of The February Jobs Report