Last Friday, the BLS reported that the U.S. economy added 126,000 jobs.
That’s about half of the consensus forecast (which was about the prior 12 months average).
Look at the chart and tell me if your see a pattern …
Let’s make a couple of simple moves:
First, let’s take some of the noise out the chart by moving a chunk of February’s job gains to March – just to even things out a bit.
Then, let’s ignore the November – December Christmas rush
Finally, let’s eye-ball a line across the column peaks.
Now, what do you see?
Yep, except for a surge of part-timers at Christmas — all of whom are back to school or back on the couch – job growth had been steadily declining for a year.
So, why were all the pundits and politicos acting so surprised last Friday?