Payroll employment soft
I think the economists at Northern Trust are some of the most readable out there. They also look behind numbers to ferret out what's really going on.
In a commentary earlier this week Asha Bangalore of NT found that "Hiring in the current expansion is the weakest on record after four years of economic growth."
...."in post war economic recoveries which lasted four years, payroll emplyment increased 11.6%. In the current economic expansion, hiring has increased only 2.6%. In the 1991 economic cycle, after four years of economic growth, payrolls increased 7.2%. The current economic expansion could possibly end with the fewest number of jobs created during an economic cycle in the post-war period."
Those numbers are national. The numbers look worse different locally.
A new report from the Bureau of Labor Statistics show the Guilford economy growing, but at a snail's pace. From June 2004 to June 2005, the labor force expanded by .8%, placing it 208th of the 323 largest counties.
Comments (1)
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I don't know the answer...just asking...but, wouldn't the current expansion's low 'peak' be somewhat proportional to the relatively mild version of the recession that it preceeded?
I don't think that mild expansions are so bad if they are a part of a cycle that also include recessions that are less painful than historical averages, as well.
Posted on January 16, 2006 1:24 PM