A couple of golden nuggets are buried within the jobs report issued on Friday. You will recall the market’s warm embrace of the report, as indexes surged. From the weekend edition of the Wall Street Journal,
Federal-government employment shrank by 22,000 jobs, the fourth consecutive month of such declines. The federal government has now shed 59,000 jobs in four months.
In fact, as the graph on page A-2 shows, even as the overall number of payroll jobs jumped, Federal employment was the largest single shrinking category.
More good news is buried on the Journal‘s editorial page, masquerading as bad news. Headlined, “Signs of a weaker lab0r market,” the editors write,
In the four months of Trump II, Mr. [Don] Luskin calculates that the immigrant population has shrunk by 773,000, or 193,000 a month.
It’s a start!
