There is more scary graph pr0n at Calculated Risk
And workforce participation is the lowest since 1984
The non-farm payroll numbers came out, and, though better than expected, they really suck, with NFP falling by 54,000 and unemployment rising slightly to 9.6%, though most of that was the demobilization of the US census, and private payrolls increased by a better than expected 67,000.
Once again, the Panglossian members of the financial 4th estate cast this as unbelievably good news.
It isn’t. It’s no where near the 100-125 K new jobs needed every month just to absorb new entrants to the job market.
Things are still getting worse.
And we have more evidence that the stimulus package that has driven the economy is running out of steam with the Institute for Supply Management’s Non-Manufacturing index, a measure of activity in the service industry, continues to decline.
It’s still showing meager growth, but only barely, and it missed expectations.