In recent months, the jobs numbers have been skewed by the addition of temporary census workers, and now we’re seeing that temporary boost unwinding.
At best, this is a mediocre report, consistent with a sub-par economic recovery. Job creation has been choppy, and is still falling well below levels needed to meaningfully move the unemployment needle lower.
Although the unemployment rate fell, the decline in the number of employed individuals is disturbing. Despite the growth in the economy going back to last summer, the household data clearly showed that the number of employed individuals remains lower than it was even a year ago.
Today’s data reinforces what we’ve been seeing in other recent economic data that points to a meaningful slowdown in the pace of the recovery.