TROUBLING TREND
12/22/2025 |
While job growth data is distorted, the trend is what matters, and it’s lousy. In 11/21 Y-o-Y net job growth was 4.5%, a year later it was strong at 3.4%, but by 11/23 was a normal 1.6%. Regrettably, it continued cooling. In 11/24 it was 1.3% and last month, 0.6%. It’s never been so low absent a recession. While deportations have reduced job growth, by how much is unknown.