Labor Market Recovery Slowing, 53% Of COVID Job Losses Have Been Recovered

by Jonathan Custer

53% of COVID private sector jobs losses have been recovered (Chart 2) Total private-sector payrolls are still down 7.4% since January (Chart 3) Service-providing jobs have been hit disproportionally hard, falling 7.8% since January (Chart 3) Goods producing jobs only make up 16.7% of private-sector employment (Chart 4) The Computer & Electronic Products sector employment …

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Reading PMIs: A Cautionary Note

by Jonathan Custer

The flash Purchasing Manager Indices (PMI) have just been released by Markit, which shows the manufacturing sectors in the U.S. and Europe continue a strong rebound.   IHS Markit Flash U.S. Manufacturing PMI™ Manufacturers indicated the fastest improvement in operating conditions since January 2019 in September, as highlighted by the IHS Markit Flash U.S. Manufacturing …

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Computer & Electronic Product Output Continues To Outperform

by Jonathan Custer

Summary Industrial Production (IP) rose for its fourth consecutive month after March and April’s sharp contraction (Chart 1) IP remains 7.6 percent below its December 2019 level (Chart 1) Durable Manufacturing output was up 0.7 percent in August, led by Computers and Aerospace products (Chart 2) Computer & Electronic Products (CEP) continue to significantly outperform …

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