Charting the Employment Situation

by: Andrew Horowitz

There was a modestly better report by ADP on Wednesday that showed an increase in the private payrolls.

Look at some of the additional metrics in the report and you will see that the JOLTS levels are still having difficulty showing signs of life and average hourly earnings are dropping.

Underemployment is still too high and will take a good deal of re-working stimulus efforts (NOT QE!) to turn this around.