Is that all we had in us for this cycle? Is there any chance the period of job expansion is over before it even began? That might be the takeaway from a seriously disheartening piece of data from this month’s employment report.
Barry Ritholtz has long pointed to temporary help services as a good leading indicator of the employment cycle. In a recent post he showed the recent developments. This is now the third straight month of declines in temporary help services.
For now, this looks like a mere blip on the radar, but if government austerity gains momentum in the coming quarters we should also expect the number of unemployed to pick-up momentum as the balance sheet recession has rendered the private sector far too weak to pick-up the slack.
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