The benchmark revisions haven´t changed the ‘longhorn’ shape of employment

The longhorn shape of the labor market data (monthly employment changes) remains intact following the benchmark revisions:

Employment Report-0114_1

The employment losses of 7551 during the 19 months of recession have not yet been recovered after 55 months since the recovery began, being 233 thousand short.

That´s not a peculiarity of the labor market, with labor demand (and supply) being intimately related to the overall economic conditions. And as represented by real output growth, the image we get is of the same nature!

Employment Report-0114_2

And the fact that there is a big ‘employment hole’ waiting to be filled is a direct consequence of the ‘hole’ in real output:

Employment Report-0114_3

 

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