12 Charts That Show The Broken State Of The US labour Market


Photo: St. Louis Fed

Last Friday’s jobs report suckerpunched bulls who were looking for a sign that the v-shaped thesis was still alive.Sadly, for the moment, it’s still pretty ugly on the jobs front.

To get beyond the headline numbers, we’ve grabbed the charts showing various components of the labour market, which remains broken.

The civilian-employment ratio remains near historic lows. Hardly bouncing at all.

Average duration of unemployment is going straight through the roof.

Total civilian employment is slightly off its lows.

Total civilian participation bouncing back slightly

Those unemployed at least 15 weeks still at nosebleed levels

But there's been improvement in the middle, those employed 15-26 weeks

And the number employed 27 weeks or more continues to climb

Average hourly work week up slightly off the lows, which could be a leading indicator of improvement (before you hire new workers, you make existing employees work longer)

Financial workers still in decline

Government employees are doing great

Average construction worker earnings have flattened out, but haven't declined (but millions have been sacked)

Manufacturing employment still in the toilet

BONUS: Improvement in weekly jobless claims has stagnated and is still way too high

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