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The Last Two Times The US Jobs Market Was This Bifurcated, Things Ended Badly

Welcome to the most bifurcated US jobs market ever... According to ISM, employment is best since 2005 for the Services 'economy' and the worst since 2009 for the Manufacturing 'economy'. The last two times the labor market was so divergent... did not end well.

 

The bifurcated job market...

 

The last two times this happened, things did not end well...

 

Of course, this should all be ignored as transitory now given that Yellen just greenlit December no matter what.

 

Charts: Bloomberg