Yeah this is VERY scary, and portends even worse employment figures in January when the holiday seasonal employess (to the extent that there are any at all) are let go.
This whole thing is about to come crashing down. I would not be at all surprised to see rioting in the streets before spring.
“Employment in the private service-providing sector rose 65,000 in November, though retail hiring fell a surprising 28,100 despite expectations of a busy holiday season.
Yeah this is VERY scary, and portends even worse employment figures in January when the holiday seasonal employess (to the extent that there are any at all) are let go.”
The drop in retail hiring is scary, I suppose; but I am not so sure that it “portends even worse employment figures in January.” How do seasonal adjustments affect the numbers? If seasonal adjustments for November assumed higher seasonal employment than actually occcurred, then it seems like the 9.8% figure might overstate the actual situation, doesn’t it?
Also, don’t some month’s figures adjust for all previously “incorrect” seasonal adjustments?