The most interesting charts from today's (delayed) US Employment Report

Our favorite statistic to look at whenever the monthly employment reports rolls around is actually 3 statistics multiplied together. We take Payroll Employment x Average Weekly Hours x Average Hourly Earnings to come up with a "National Income Proxy". It's indicating 3Q GDP growth will remain within the range that it has been in since the recovery began.


The US Manufacturing Renaissance theme that is very popular is not yet showing up in the employment.


The participation rate was unchanged from the month before. That also means it continues to be at its lowest level since 1978.


One positive is the number of people who have been unemployed for the longest amount of time continues to decline.


State and Local Government's are hiring again. And based on tax revenues, this trend looks like it will continue.