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December 03, 2004
Weak job report no cause for panic
So says Action Economics:
"The establishment data resoundingly underperformed lofty market expectations for November. But the shortfalls are corrections for prior strength, and do little to alter underlying trends in major labor market aggregates, or the optimistic outlook for the U.S. economy overall.
"Payrolls have posted an average monthly gain over the last three months of 178k, which is just slightly below the 185k average gain for the year as a whole. Civilian employment actually posted a huge 483k gain in November, but its three month average gain of 193k is similar to the payroll figures.
"The bigger picture is 'steady as she goes' for the five-quarter pattern of robust GDP and productivity growth, but more lean growth in hours worked."
For more from Action Economics see BusinessWeek Online.
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