Gallup’s Job Creation index fell to +16 in January, the lowest monthly index level in 11 months.
The decline was largely due weak federal hiring:
However, it’s worth noting that hiring has actually outpaced firing since 2010:
Gallup warns that political uncertainty will be a big driver of what happens in the labour market for the balance of the year.
Several economic factors emerging in 2013 could affect these trends. These include potential drags on the economy from continued debate in the Washington over the budget and the debt ceiling, business uncertainty over the Affordable Care Act, and an apparent slowing of GDP growth in the fourth quarter. At the same time, potential economic spurs include recent major gains in the U.S. stock market, reports of increased consumer spending, and January’s major advance in public confidence in the economy.
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