November Payrolls report higher than expected w/ strange bedfellows
Tap headline for the full report.
Hazel? She’s fine. Never a doubt for old Haz in the massive consumerist/services economy.
Strange Bedfellows
Two notables are that manufacturing kicked up after we showed it yesterday (see below) having been negative over the last 12 months, and Government hiring remained accelerated. What gives?
Was there a knee-jerk in manufacturing hiring because of Trump’s win and its implications for deregulated corporations, tax breaks for corporations gave the all-clear? Was it a usual pre-holiday bump? Or was it legacy hiring initiatives that were already in play, too late to be walked back by the lame duck democrat administration after the election loss?
Same question for the inexplicable government hiring during a month when all the air came out of the party in power’s balloon, deflating it into lame duck status. Were these contracted government hires, set before the election results? I’ll go with that as my guess.
All in all, it seems strange. But it is what it is, pending the likely downward revisions that tend to come later, in the shadows. Meanwhile, the slow-moving unemployment rate is still doing its base/bottom/upturn thing as an officially recognized recession creeps forward…
…inch by inch, step by step…
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