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Quoted By: >>1302391 >>1302393 >>1302405 >>1302465 >>1302481 >>1302536 >>1302685 >>1302708 >>1303015
Buried in the may financial report is an embarrassing fact the Biden admin isn't talking about. His ytd job growth has mostly been *loss* of full time employment and growth of part-time employment.
Over the last several months,
1317000 full time jobs were lost and 1553000 part time jobs were gained!
The net employment figures biden's admin is touting is literally all people working part time or needing to take on a second job
Source: U.S. BUREAU OF LABOR STATISTICS table A-9 https://www.bls.gov/news.release/empsit.t09.htm
https://fortune.com/2024/06/07/jobs-report-jerome-powell-wait-and-see-mode-fed-rate-cuts/
The jobs report will ‘lead to continued controversy,’ leaving Jerome Powell in wait-and-see mode and dashing investors’ hopes for imminent rate cuts
The unemployment rate is the perfect example of the mixed signals in May’s jobs report. It ticked up from 3.9% in April to 4% last month, even as the economy added 272,000 jobs.
The first data set comes from the establishment survey, which is based on a sample of 666,000 businesses nationwide. This is where the 272,000 new jobs number came from, and it is the survey most economists emphasize.
But there’s also a second data set called the household survey, which is based on a sample of 60,000 U.S. households across the country. According to the survey, the unemployment rate ticked up slightly in May due to a 408,000-person decline in employment that overshadowed a 250,000-person decline in the total labor force.
Thomas Simons, Jefferies’ senior economist, warned in a Friday note that there is no silver lining to the increase in the unemployment rate in May.
The household survey showed the economy lost 625,000 full-time jobs in May and added 286,000 part-time workers, which can signal that businesses are cutting back on labor costs as the economy slows.
Over the last several months,
1317000 full time jobs were lost and 1553000 part time jobs were gained!
The net employment figures biden's admin is touting is literally all people working part time or needing to take on a second job
Source: U.S. BUREAU OF LABOR STATISTICS table A-9 https://www.bls.gov/news.release/empsit.t09.htm
https://fortune.com/2024/06/07/jobs-report-jerome-powell-wait-and-see-mode-fed-rate-cuts/
The jobs report will ‘lead to continued controversy,’ leaving Jerome Powell in wait-and-see mode and dashing investors’ hopes for imminent rate cuts
The unemployment rate is the perfect example of the mixed signals in May’s jobs report. It ticked up from 3.9% in April to 4% last month, even as the economy added 272,000 jobs.
The first data set comes from the establishment survey, which is based on a sample of 666,000 businesses nationwide. This is where the 272,000 new jobs number came from, and it is the survey most economists emphasize.
But there’s also a second data set called the household survey, which is based on a sample of 60,000 U.S. households across the country. According to the survey, the unemployment rate ticked up slightly in May due to a 408,000-person decline in employment that overshadowed a 250,000-person decline in the total labor force.
Thomas Simons, Jefferies’ senior economist, warned in a Friday note that there is no silver lining to the increase in the unemployment rate in May.
The household survey showed the economy lost 625,000 full-time jobs in May and added 286,000 part-time workers, which can signal that businesses are cutting back on labor costs as the economy slows.
