Weak Work

While November net employment grew for the seventh straight month, it’s been declining for six straight, and from a peak of 3.6 million. Employment grew by 245,000, a number that normally would be lovely. While the unemployment rate fell, it was solely because labor force participation dropped. Given Sars-Cov-2’s resurgence and flagging stimulus (hello Congress?), this number is OK. Winter looks dark, but by spring things should start solidly rebounding.