These may be seasonal variations, but; according to Gallup, unemployment was up three-tenths of a point to 5.2%, job participation dropped a full point to 66.5%, and underemployment rose half a point to 13.2%. The trio of changes supporting each other suggests a softening of the US job market. The data are based on interviews rather than the economic data from other sources, so there may also be difference in perspective – which is the value behind checking different analyses. If the economy is reaching full employment then some retreats are expected. If the economy is destabilizing then some retreats are expected. The next few months will be required to define the trend.

(Click on the chart for the link.)

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