Recession Numbers Second Consecutive Month
Yesterday I was asked if the services ISM changed my view about the US being in recession. I responded that I wanted to see today's job report first.
Well I have seen it and the report is nothing short of a certified disaster.
Yes, Virginia, based on the household survey, and manufacturing reports, the regional Fed surveys the US is in recession.
Lost amidst the furor over the Affordable Care Act and its effect on jobs is a much more worrisome trend in the labor market: the labor force participation rate continues to decline. In a separate report released yesterday, the Congressional Budget Office (CBO) projected that the labor force participation rate would decline from 62.9% in the fourth quarter of 2013 to 60.8% by 2024.
About that jobs report. Upon closer inspection, the report was a total disaster. You wouldn’t know this from the financial media’s coverage, but it was. The establishment survey shows a gain of 288,000 jobs last month. However, the household survey shows that that the economy lost 73,000 jobs in April.
Zero Hedge notes that the number of Americans in the labor force has dropped to 1978 levels: The civilian labor force … dropped from 155.3 million to 154.9 million, which means the labor participation rate just dropped to a fresh 35 year low, hitting levels not seen since 1978, at 62.8% down from 63.0%.
Public confidence in Canada’s national police force has dropped “significantly” over the past five years, according to a new poll conducted by Ipsos Reid on behalf of Postmedia News and Global Television.
While a solid majority of Canadians believe RCMP officers treat the public fairly and equitably, they hold a dimmer view of how the force treats its own employees.
Less than two-thirds of Canadians believe the force can resolve issues surrounding alleged harassment of women officers, the pollster reported.