|The latest jobs report came out today with the Labor Department reporting that nonfarm payrolls (jobs) increased by 115,000 in April. Today's chart puts the latest data into perspective by comparing job growth to the S&P 500 since 1940. There are a couple points of interest... For one, the stock market has tended to rally following periods of significantly negative job growth. The last time the US economy witnessed significant negative job growth was immediately following the financial crisis. As has often been the case, the stock market followed the negative job growth that followed the financial crisis with a sharp rally. Another point of interest is the trend in peak job growth since World War II. During World War II as well as during its immediate aftermath, job growth peaked only after reaching double-digit levels. From the mid-1950s to mid-1980s, job growth tended to peak in the 5 to 6% range. Since the mid-1980s, however, peak job growth has been on the decline (see red line). It is worth noting that the current level of job growth is very near its 27-year peak job growth downtrend line and that job growth has been on the decline over the past two months.Notes:
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