On NFP day, I usually present you with my usual schtick as to why each month’s data point is much less important than is made out. Rather than repeat that yaddayaddayadda again this month, let’s look at the really long term 20 year chart above.
A few things stand out:
• The FIRE economy — Finance, Insurance, and Real Estate sectors — led the growth of jobs over that 2 decade period. Most of these FIRE sectors continue to soften.
• Health Care continues to capture a lot of GDP, and that is reflected in job growth
• Low paying jobs in Leisure & Hospitality is a significant grower
• Manufacturing has been the most negative, shrinking ~5% over the past 20 years. This is the sector that could experience a revival
• Government sector has seen very little growth
Sunday, February 3, 2013
Barry Ritholtz on 20 Years Of Employment Data
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