Another Nasty, 'New Normal' Month for Economy

Another Nasty, 'New Normal' Month for Economy:

The more you drill down into the November jobs report, the worse it looks. On the surface, not so bad. Nonfarm employment increased by 146,000 jobs last month, beating expectations of around 93,000. What’s more, the jobless rate fell to 7.7%, the lowest since December 2008, versus expectations of 7.9%. And the broader U-6 rate — taking into account some discouraged workers and the underemployed — fell to 14.4% from 14.6%. Private sector jobs rose by 147,000.

But those numbers, unfortunately, are only part of the story. As Citigroup notes this morning, “Far more robust monthly averages than 150,000 jobs per month would be needed for a true restoration of normal labor markets.”