The 'Tuesday jobs report' is a lot like the 'Friday jobs report'
The "shutdown" moved the jobs report from the first Friday in October to Tuesday. Unfortunately, the report is the same as before:
1) We are not creating enough jobs; and,
2) Too many people are dropping out of the labor force.
According to news reports, more and more people are dropping out. It means that the 7.2% official unemployment rate is not real because more and 10 million Americans are not in the calculation, i.e. they dropped out of the labor force!
Job creation was weak also. The economists were looking for 180,000 but we got 148,000, or not enough to keep up with the new people looking for work.
By the way, these are pre-shutdown numbers so President Obama can not blame it on Senator Ted Cruz.
The real tragedy is that job growth may be slowing, according to Dan Greenhaus, chief global strategist at BTIG.
Tuesday is just like Friday - maybe worse!
Different release date but same stagnant economy, according to Jared Bernstein: Payrolls averaged 143,000 per month in the 3rd quarter, 182,000 in the second and 207,000 in the first quarter.
Wrong kind of trend? Ya think?
P.S. You can hear my discussion with Bill Katz about this.