Friday, March 05, 2004

Monthly Jobs Data Out Soon

Look for the media to ooh and ahh over the magic job creation powers of flightsuit boy if it's a positive number. But, keep in mind, that to keep up with the growth in the working age population we need about 140K new jobs per month, and also keep in that they claimed that after the last round of tax cuts they'd create 306,000 jobs per month, something they haven't achieved once. So, all numbers should be judged in light of that.

...ouch. Bad news.

Nonfarm employment was little changed (+21,000) in February, and the unemployment rate remained at 5.6 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Employment levels in most of the major industries were little changed over the month.

Household survey has both labor force participation and employment declining. It's rather sad - I've been reading reports all week that "numbers could be better than expected!!!!" as seems to happen every month.

...and, last month's numbers were revised downwards as well.