Today’s jobs report offers mixed views of the job market, with employers reporting only modest additions to their payrolls but households reporting large employment gains. The usually more reliable payroll survey portrays a labor market that is healing only slowly from the Great Recession and subsequent protracted jobs slump. Time will tell if the more volatile household employment numbers presage better times. In any case, today’s report does not justify Congress’s reluctance to reinstate emergency federal jobless benefits.
Below are some charts to show how the new figures look in historical context. Click here for my full statement with further analysis.