What’s in store for the job market / economy?
Today’s chart helps answer that question by illustrating the six-month rate of change of U.S. temporary help services (temp jobs) since 1990.
Notice that when temp jobs declined by more than 4% over six months, the economy was in or soon to be in a recession.
A leading indicator of sorts.
So while the headline unemployment number just came in at a relatively low 3.4%, underneath the surface, there is some slowing.
Something to watch going forward.
