Service sector job growth peaked almost two years ago

Note: This post first appeared on Patreon on 30 May 2018

After I wrote the last post, Kent Willard made a really good comment about service sector jobs versus goods-producing jobs that I want to expand upon. He said "there's a growing divergence between service job growth and goods producing job growth". And I think this is a bad sign given the fact that the service sector produces so many more jobs than the goods-producing industries.

Here's what the charts look like. First, here's the goods-producing job growth. We're looking at the rolling 12-month jobs added to the economy in those sectors.

Notice how the amplitude of the curve has gone way down. That's because manufacturing is less important But also notice that the amplitude on the plus side is down much further than on the minu...

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