11 of the 15 sub-indices for the Dallas Fed manufacturing outlook fell month-over-month with new orders, production, and finished goods notably weak. Of course, the modest headline beat will be all we hear about as the US economy makes 'progress' but under the surface there is an even more concerning factor. While the number of employees rose modestly, the average employee workweek collapsed at its fastest pace in 2 years (and the last 2 months have dropped the most in 3 years) as it seems the Obamacare-effect [5] smashes the workweek back to its lowest since October 2009.
[6]
Why is this an issue? Recall that "America's Undisputed Job Dynamo [7]" is Texas, the state where the most jobs have been created since both Lehman and since the start of the depression.
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[9]
So if "quality of jobs" weakness is finally creeping into the best state for employment, what is left for everyone else?