Some analysts are saying there is a definite downward trend in jobs data. Personally, I don't see any trend at all. Below is a graph of Labor Department figures for monthly job creation since January 2006. What this graph tells me is that the preceding three months is a poor predictor of the following month. Looking back it appears that 4th quarter job creation will be ahead of third quarter performance but second half of 07job creation has been slower than 06 or the first half of 07. So I guess you could make the case for a trend in either direction.