We’re sending more kids to college, but does the economy create good jobs for them?

I will perform an unusual magic trick for you using the employment report. Rather than transforming something mundane (a bird, a hat, cards) into something spectacular, I will transform the spectacular October employment numbers (now sparking a thousand excited articles) into something mundane. The lessons learned from this will save you time in the future. Plus, at the end is a useful debunking of a myth about the employment numbers.

October’s non-farm payroll gain (aka the Current Employment Survey) was a blockbuster at 271,000, vs. the 3 month average of 187,000 and the 12 month average of 230,000. Better yet, it was a big “beat”, with Wall Street economists expecting 150-200 thousand. See this wonderful result on the graph showing the percentage change in jobs year-over-year, not seasonally adjusted (since the population grows, the percent change better shows the rate of improvement over time).

NonFarm Payroll

Not much change, is there?

See my full report at Wolf Street!