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.