Saturday, January 8, 2011

US employment growth - limping along

President Obama described the December uptick in US employment as a "clear" trend pointing to job growth.

I hope he is right. Nevertheless, the number looks weak to me. It is on the right side of zero, but only just.

The US labour market appeared to recover strongly during the opening months of last year. During the summer, the recovery stalled, raising fears of a double dip recession.

More recently, job growth seems to have returned to the US economy. Yet, new job creation is insufficient to make a serious dent in the appalling levels of US unemployment.

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