At the end of the day, the US economy has not generated a single net new job outside of the HES Complex since mid-2001.
There were 107.8 million non-HES jobs then and there were 107.6 million reported last Friday.
Worse still, we are still 1.5 million jobs below the 2007 peak.
Stated differently, during the Greenspan Bubble of 2001-2007, the US economy at least gained several million non-HES jobs from the prior peak.
This time we are still peddling backwards.
You would think that one of these days the labor market expert running our monetary politburo might notice. But you would be wrong.
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