You might have seen recently that we again had a disappointing monthly employment report and then this past week we had a large downward revision in the jobs added from March 2024 to March of this year. Let’s look at the details.

Starting with the monthly jobs report, there were only 22,000 jobs added in August. This follows only 79,000 new jobs in July and an outright reduction in employment in June of 13,000 fewer jobs.

By way of reference, from 2012 to 2019, there were almost 200,000 new jobs per month. Our three-month moving average for employment from June to August of this year is now at its lowest level since the pandemic.

The sector that grew the most was health care and social assistance, driven primarily by our aging demographic. Because this large industry is tied to demograp

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