The U.S. nonfarm private sector added 67,000 jobs in November, missing economists’ expectations by a wide margin. It was expected that the ADP National Employment Report to show an addition of 150,000 jobs. Mark Zandi, chief economist at Moody’s Analytics, said "“The job market is losing its shine... Job openings are declining and if job growth slows any further unemployment will increase". There were a lot of job gains in the service-providing sector, which added 85,000 jobs. The education and
health sector added 39,000 jobs, the most added in a category on the
services side. The worst industry performer in the services group was
trade, transportation and utilities, which lost 15,000 jobs.
Referring back to the economic outlook conference, Mark Schweitzer talked about how even though job openings have slowly been declining, job hires have still been increasing. Do you believe this still holds true? Are we closer to large unemployment than we really think?
Since we are at such high employment, we can expect job growth to slow down due to labor shortages. Our economy is currently operating above full capacity and this recent slowdown can only be expected as we get back to equilibrium. Mark Schweitzer had a very optimistic view on the job market which should still stand today.
ReplyDelete