Payrolls are only up because of the rate of firings is the lowest in the past ten years now that companies have virtually nobody left to fire. This also means that as far as wage negotiations are concerned, workers will have absolutely no leverage. Which can be seen on the second chart. While having picked up modestly in the past several months, the percentage of people voluntarily quitting their job is nearly half of where it has been during the past decade. It also appears to be once again plateauing, now that the jobless recession has double dipped again, and "New Jobs" postings are once again on the wane.
The critical point is the reported BLS NON-FARM PAYROLLS can be driven by one of two things, either A PICKUP IN HIRING OR A SLOWDOWN IN SEPARATIONS.........While the politicians now point to the PRIVATE SECTOR JOB GROWTH, they fail to point out its because of a significant slowdown in SEPARATIONS which is not the same economically as a pickup in NEW HIRING (which is currently at a decade low).
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