Change in Nonfarm Payrolls and Average Payrolls Change in U.S. Economic Cycle

Nonfarm payrolls have averaged 184k the past 12 months, more than the cycle average of 170k. This does not happen in front of recessions.

Image: LPL Financial LLC

Change in Nonfarm Payrolls and Average Payrolls Change in U.S. Economic Cycle