Hoh hoh hoh…… who is this guy on CNBS right now?
He’s talking about the hours worked in the last payroll report. What did I say last month?
This is a problem. If we look at the “employed” figure of 143,724,000 people a drop of 0.2 hours is a full-time-equivalent decrease of 1/2%. Applied to the employed population this amounts to an imputed economic decrease of 718,620 jobs!
That is, the loss of work-week hours of just 0.2 is the same economic impact as firing 700,000 people!
I’ll be damned.
~4 minutes in….