Blockbuster: US Economy Adds 4.8 Million Jobs In Eye-Popping June Payrolls Report
A month ago, the BLS blindsided the market with news that somehow, the US economy added 2.5 million jobs in May. Consensus was looking for 7.5 million lost positions on top of the ~21 million layoffs from April.
The futility of predicting NFP headlines notwithstanding, a surprise of that magnitude and character (10 million plus the wrong sign in front) has never been witnessed on the world's foremost top-tier data point -- or at least not that I'm aware of. It forced market participants to reth
Is any of this reporting political? How much weight should be put on the fact that the household survey is being done by telephone Quoted from the BLS “the household survey response rate, at 65 percent, was about 18 percentage points lower than in months prior to the pandemic” Really?
With all the hoopla surrounding the drop in unemployment rate, a couple of details are ignored: continuing claims went UP, average hourly salaries went DOWN, number of hours worked went DOWN. So people who have jobs are working less and for less money. Not exactly what an improving job environment should look like. Markets in general have been going up on every jobs report anyway, regardless of job gains or losses. Just paint a rosy picture of whatever numbers are resleased.
Interesting discussion.
Is there discussion anywhere about offers of early retirement? Some of those jobs will disappear when current employees vacate them.
Many jobs have been reduced to three or four days per week, and/or with salary cuts.
No one in government, as far as I know, discusses the ongoing dire circumstances for artists, actors, musicians and TV producers/writers/editors. Plus the support people involved in set construction, costume production, gallery management, art transport, photography, ongoing artistic training, rehearsing and public relations. Many people fulfilling these functions work as independent contractors or in tiny companies with no benefits or retirement plans.
Are these folks counted anywhere in the employment data?
Is no one interested in the fact the number of unemployed from the BLS (17.8 million) is 13 million less than the numbers claiming unemployment (31.5 million) from the department of labour?
Or does the BLS survey trump the actual numbers collecting unemployment insurance? And no unemployment isn’t collecting insurance?
See here: https://heisenbergreport.com/2020/07/02/now-for-the-bad-news-from-the-june-jobs-report/
You gotta read every post. haha 😉