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Ernie Tedeschi: Payroll employment growth reaccelerates since February as 2025 plateaus

Ernie Tedeschi: Payroll employment growth reaccelerates since February as 2025 plateaus
Payroll growth picks up since February

Ernie Tedeschi observes that payroll employment growth has reaccelerated since February, contrasting with a lack of growth throughout 2025.

He suggests that viewing levels rather than growth rates makes these shifts more apparent.

Tedeschi has recently discussed how SPM resources are adjusted to account for noncash benefits and expenses using BLS distributional chained CPI in his analysis (link). He has also identified the gap between U.S. and European interest rates and the concentration of high-growth AI firms as major trends shaping the economy (link). These topics provide further context for his observations on employment and growth rates.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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