Labor market rout in final phase



Analysts said government data on Friday showing the economy shed a mere 11,000 jobs last month, the fewest since the start of the recession, was the strongest indication yet that the battered job market was starting to turn around.

Details of the report, such as the lengthening average workweek and relatively robust hiring of temporary workers — leading labor market indicators — were signs a recovery was forming, they said. But they cautioned that payrolls could still fall by a large amount this month.

“We are getting toward the end of the declines, but I don’t think we are done with the declines. We are in the early stages of turning up. The signals of an upward turn have started to move,” said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts.

The average workweek expanded to a nine-month high of 33.2 hours, while temporary help — considered a precursor to permanent hiring — increased by a milf porn hefty 52,400.

The unemployment rate dipped to 10 percent last month from a 26-1/2 year high of 10.2 percent. Analysts reckon the jobless rate could peak between 10.3 percent and 10.5 percent.

There have been suggestions that seasonal factors related to holiday hiring may have resulted in the best payrolls report in nearly two years, but analysts are not convinced.

“Even if they are off by several tens of thousands, I would still say looking broadly over the jobs market, the rate of deterioration has been slowing down. We are going to hit zero at some point,” said Gary Burtless, a senior fellow at the Brookings Institution in Washington,political polling.

Labor market weakness poses the biggest threat to the economic recovery because it is constraining households’ ability spend. Since December 2007, when the recession started, 7.2 million jobs have been lost.

High unemployment could cost the Democrats control of Congress in mid-term elections next year, and it could also hurt President Barack Obama’s chances of a second term if it proves protracted.

JOBS GROWTH TO RESUME BY MARCH

While analysts generally expect jobs growth to resume by March, lingering doubts over whether the economy can stand on its own without a government crutch mean companies will not embark on a hiring spree.

Government spending was a big factor pulling the economy back on a growth path in the third quarter after four straight quarters of decline.

“The question in my mind is not when we get to positive numbers, but what do those positive numbers looks like? I don’t think we are going to get to 100,000 or more job gains


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