It's the (Lack of) Job Growth, Stupid

Here is a graph from the WSJ:



I've blocked off 2007 and added a darker line to the 100,000 level for job creation. Notice the following.

-- There were only 5 times in 2007 that monthly payroll growth exceeded 100,000.

-- One of those times was a "just barely" number

-- Four of those times occurred in the first half of the year.

-- For five months, job growth came in at 50,000 - 100,000.

-- Two times after a big number, the following month's number was really low (as in barely positive). Two other times, the number came in between 50,000 - 100,000.

In short, the last year's employment numbers have been terrible.