The State Of The American Labor Market In 20 Slides

The BLS reported monthly job growth of +126K Friday morning.  Unsurprisingly, given the disappointment most other economic indicators have given over the past few months, the +126K was well below expectations of +250K.

Here's a look at the American labor market picture in 20 slides.

Overall, there's a strong case to be made that the acceleration period is over (i.e. peak growth is over).

Month over Month Job Growth

First, here's a look at the month over month picture.  The baseline case with the +126K is that we're in a similar situation now as what we saw in Q2 2012, where job growth for the quarter saw mediocre monthly gains of 87K, 113K, and 35K.  The quarter could aptly be called "the mid-cycle...