Jobs: The Good, The Bad, And The Ugly

Jobs numbers today showed that the U.S. labor market is showing signs of cooling faster than an iced latte in a polar vortex. Analysts expected 180k, but the number came in lower at 150k, missing the mark like a North Korean rocket test. 👨‍🚀

The Good 😃

  • Health care and social assistance were the stars of the show, adding over 77,000 jobs, with ambulatory health care coming in with 32,000.
  • If private education were lumped in, that number would jump to 89,000. And government employment puffed up its chest with 51,000 new gigs, hitting pre-pandemic levels. 

The Bad 😟

  • But it wasn’t all standing ovations. Mining, logging, utilities, and retail trade added a measly 2,500 jobs, and information lost 9,000, while transportation and warehousing dropped over 12,000. 
  • Manufacturing took a nosedive, shedding 35,000 jobs, mostly thanks to strike action. But it’s expected to rebound now that the United Auto Workers union and Detroit’s big three have shaken hands on a deal.

The Ugly 💩

  • The unemployment rate did a sneaky uptick to 3.9%, giving the Fed a reason to smile.
  • The number of workers laid off rose by 92,000, making job security shaky.

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