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