This Great Graphic from Bloomberg was tweeted by Michael McDonough. It traces the employment component of various Fed and ISM surveys and the government's non-farm payroll report.
The survey results appear to be somewhat more volatile than the official jobs report, but do capture the broad trends. It is difficult to make the case that the readings have been accelerating.
The signal seems to be consistent with slow growth. The Chicago PMI, which will be released later this week appears to be closer than most in tracking the monthly non-farm payroll report. The case for the Fed not to taper in December is partly a function of the still soft labor market, but also inflation is low and not moving back toward the Fed's target, fiscal uncertainties have grown, especially in the aftermath of last week's move by the Democrats, and the changes at the Federal Reserve in the coming months. The early estimates for Nov non-farm payrolls are coming in around 180k-185k.
Great Graphic: Maufacturing Employment Surveys and the Payroll Growth
Reviewed by Marc Chandler
on
November 26, 2013
Rating:
Reviewed by Marc Chandler
on
November 26, 2013
Rating:
