There's been a very real structural shift, primarily in manufacturing employment, as a result of outsourcing and earlier capital investment that has increased productivity. They're making employment act differently in this upturn. |
To put this in perspective, a couple of years into recovery, we should be seeing 250,000 to 300,000 new jobs per month. We're not there yet. |
We're at the point in the economic cycle, which comes in every economic cycle, where you move from an acceleration phase to a deceleration phase. We'll continue to grow, but not as fast. |