Summary: The headline number of November’s job report tells us something important. Digging into the numbers shows that this recovery is nearing its end.
This recovery has been slow and steady. It has frustrated the bulls who in 2009 predicted a “V” recovery — and since incessantly predicted a “take-off” soon (corporate profits, CEOs’ income, and asset prices have been the only booms). It has frustrated the bears, who predicted no recovery in 2009-2010, and since then frequently predicted either a fall back into recession (or inflation, or both).
The slowness of the recovery is its most amazing characteristic. ….