Tuesday , October 22 2019
Home / Mosler Economics / Employment, Vehicle sales

Employment, Vehicle sales

Summary:
Weakness continues and new tariffs kicking in will only make it worse: Highlights Is there slack in the labor market or isn’t there? Judging by September’s 3.5 percent unemployment rate, a rate that falls below Econoday’s consensus range, there may not be much available capacity at all. Yet wage pressures, as measured by average hourly earnings, eased significantly in September for a 2.9 percent year-on-year growth rate that is the lowest since July last year. Payroll growth itself is running a notch or two below last year and is well under 200,000, but it is still very solid as well as steady and would look to further test the labor market’s available capacity. Nonfarm payrolls rose 136,000 in September with August revised sharply higher, up an additional 38,000 to

Topics:
WARREN MOSLER considers the following as important:

This could be interesting, too:

WARREN MOSLER writes Housing starts, Industrial Production, Q3 GDP

WARREN MOSLER writes Retail sales, Business inventories

WARREN MOSLER writes NY manufacturing, Trucks, China

WARREN MOSLER writes Bank loans, CEO confidence, India

Weakness continues and new tariffs kicking in will only make it worse:

Employment, Vehicle sales

Highlights

Is there slack in the labor market or isn’t there? Judging by September’s 3.5 percent unemployment rate, a rate that falls below Econoday’s consensus range, there may not be much available capacity at all. Yet wage pressures, as measured by average hourly earnings, eased significantly in September for a 2.9 percent year-on-year growth rate that is the lowest since July last year.

Payroll growth itself is running a notch or two below last year and is well under 200,000, but it is still very solid as well as steady and would look to further test the labor market’s available capacity. Nonfarm payrolls rose 136,000 in September with August revised sharply higher, up an additional 38,000 to 168,000. Yet manufacturing, the economy’s weak link right now due to slowing global trade, is showing weakness, down 2,000 in September versus expectations for a 3,000 gain. Over the last three months this sector has added only 4,000 payroll jobs, a detail that won’t miss the eye of Federal Reserve policy makers who are focused specifically, and with concern, on the health of this sector.

Employment, Vehicle sales
After the great oil capex collapse, the blip up from the tax cuts has been more than offset by the tariffs:

Employment, Vehicle sales
Down to the lows and then sideways:

Employment, Vehicle sales
Stalled out 3 years ago at levels from 20 years ago:

Employment, Vehicle sales

Employment, Vehicle sales

Employment, Vehicle sales

WARREN MOSLER
Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, in the US Virgin Islands, where he owns and operates Valance Co., Inc.

Leave a Reply

Your email address will not be published. Required fields are marked *