During a chat with @RenMacLLC earlier, we were pontificating about the broader implications of weak office-using job growth. I realized I haven't included that metric in my usual jobs report updates, so I whipped up a quick chart. The trend over the last couple years is rather striking...
Parker Ross
Parker Ross1.8. klo 22.39
Not a pretty jobs report today... I think this one chart sums up what's wrong with anyone pointing to unemployment as a sign the labor market is "solid." If not for collapsing labor force participation since April, unemployment would've climbed to 4.9% today instead of 4.25%. A lot to unpack in the 🧵
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