The Employment Numbers are Weaker than They Appear

Nouriel Roubini's observations are as follows:

• The August revision (+93k) was almost entirely government jobs.
• Private sector employment gains have averaged (+73K), which is very weal.
• 80% of job created in September were either in government or in health/education services.
• Housing job losses are under-reported, since illegal aliens are not counted in this figure.
• The 2007 benchmark for employment figures turns out to be 297k less than predicted.
• Year over year job growth has been falling for at least a year.

We are in a recession folks (me, not Mr. Roubini speaking).