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DE | Periodically | Sinai-Husby Economic & Market Perspective: The “Great American Jobs Machine”— Still Cranking But With No Inflation Acceleration – 5/6/19
The Great American Jobs Machine is still cranking—and cranking surprisingly strong.
In looking at the continuing huge growth of Nonfarm Payrolls jobs (Establishment Survey), 263,000 overall for April, the start to the second quarter, and where the jobs growth has been and was concentrated, again-and-again in the Services side of the U.S. economy—Health Care, Leisure & Hospitality, Professional and Business Services, Education—very much tied to the “New” New Technology and the production of goods and services by companies in that space; maybe it should not be so surprising. The U.S. economy has gone through, and is still going through, a huge transformation thanks to Technology and the way in which the U.S. and World runs its businesses, produces, distributes, and consumes increasingly services in the U.S. and worldwide. The earth is shifting under our feet on a huge wave of change in the structure of how the U.S. and Global economies work and one result is continuing surprisingly high jobs growth and the low unemployment rate that goes with it. Establishment Survey jobs growth, and where those jobs are coming from, is a testimony to the “New” New Economy.