The Top 10 Takeaways From The Jobs Report

Here are the Top 10 takeaways from the jobs report:

1)     The U.S. economy has added 3.5 million jobs over the past 12 months.

2)     The number of unemployed is up by 0.3 million since Nov 22.

3)     The number of unemployed (over 27 weeks) is unchanged at 1.2 million.

4)     The number of part-time workers has increased by 0.3 million over the past year.

5)     The average weekly hours worked are virtually unchanged.

6)     Average weekly earnings are up 3.7% year-over-year.

7)     Average hourly earnings are up 4% year-over-year.

8)     Employment in goods-producing categories has increased by 0.2.

9)     Private services employ 2 million more workers over 12 months.

10) The Government sector employment has grown by 0.6 million jobs over the past year.

Here are a few extras.

The leading unemployment indicator - Jobless claims - is firmly in the 200-250 K range.  Historically, a strong move above 300k is a great predictor of weakening employment. 

Outside of housing, manufacturing has felt the brunt of higher rates.  However, new orders - a leading indicator for manufacturing - have bottomed and are now moving higher.   Manufacturing output and employment will rise in 1H24.

Have a great weekend!