Renewed State and Local Government Job Pain, More Expected

  • Overall nonfarm payroll data slightly surprised to the upside last week, marking the sixth consecutive month of job gains.

  • State and local governments have only added back jobs in three of the last six months. In the last two months (September/October), state and local governments have shed a total of 317k positions.

  • We expect that additional state and local government job losses will mount without a very clear indication from the federal government that relief is on the way.

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