Friday, July 01, 2011

Hiring Trends: Lousy

Heritage Foundation's take via the Examiner:

Private-sector hiring is anemic for an economic recovery: Some 83,000 net private-sector jobs were created, but the details are worrying. First, temporary service hiring (–1,200) was negative in the month of May, indicating slackening demand for labor. Second, the number of hours worked was flat again, indicating little strength in the labor market. The payroll survey was also revised downward by 39,000 jobs for the past two months. All three of these indicators show that there is little hope for a fast labor market recovery this summer. Both employment surveys are converging and showing a labor market that has retreated over the past quarter. In the first quarter of 2011, private job creation exceeded 200,000 a month. Now the labor market is struggling to reach 100,000. Other macroeconomic indicators are slackening as GDP was also revised downward. Business hiring remains weak, and this is keeping unemployment high....

There's a chart at the link. I'm not sure that using 4Q07 as the start-point is ideal, but ...

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