There is a strong divergence within the May jobs report as released by the Bureau of Labor and Statistics (BLS) [DATA HERE]. Payrolls increased 339,000 in May from April and previous months were revised up by 93,000. That is good news. However, the household survey, from which the unemployment rate is derived, showed employment down 310,000 jobs and the unemployment rate increased to 3.7%.
One of the aspects driving higher payroll starts are the number of people taking on additional part-time jobs. This aspect is noted in a decline for the number of hours in the average workweek. As more PT jobs are added, the number of hours in a workweek declines. As noted in the BLS data, “the average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.3 hours in May.”
There were 161.0 million people working in April. There are 160.7 million people working in May.
There were 5.7 million people unemployed in April. There are 6.1 million unemployed people in May.
The unemployment rate increased from 3.4% to 3.7%.
There are 310,000 fewer people working in May than were working in April. However, payrolls increased by 339,000 over the same timeframe. See graph above for where those jobs were gained.
(NBC) – […] Job gains were broad-based last month with health care contributing 52,000 and leisure and hospitality adding 48,000. Food services and drinking places led the increase in the latter industry, which had been adding an average of 77,000 jobs per month over the prior 12 months.
Overall, the U.S. economy added 339,000 jobs for the month, much better than the 190,000 Dow Jones estimate and marking the 29th straight month of positive job growth.
The unemployment rate rose to 3.7% in May against the estimate for 3.5%. The jobless rate was the highest since October 2022, though still near the lowest since 1969.
Olu Sonola, head of U.S. regional economics at Fitch Ratings, said the jobs report is a mixed bag.
“The strength of the payroll survey is clearly a big surprise, largely on the back of robust job growth in the healthcare sector and the business and professional services sector,” said Sonola. “However, the 0.3% increase in the unemployment rate is the highest monthly increase since April 2020.” (more)
WAGES – As noted within the BLS report, “In May, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents, or 0.3 percent, to $33.44. Over the past 12 months, average hourly earnings have increased by 4.3 percent.” Wage growth still lags inflation; the middle class is getting poorer. However, with the fed focused on wage growth as the leading indicator of their false pretenses to combat inflation, wage growth is too high (they want around 3.0%).
The Biden economic and monetary policies are delivering the results they want. Higher energy prices, higher costs of living, lower real wages and increased middle class pressure. The serf model.
The BLS was forced to admit yesterday their Real Hourly Compensation growth was previously flawed. [CHART DATA SOURCE]
That chart of revisions to real wages tells us a lot about the economic pain being felt by the working class in the U.S. If it feels like you are working harder and going backwards in your ability to afford basic essentials, that’s because you are.
The prices for essential goods and services have risen at a much greater rate than the wages needed to afford them. This is the result of Joe Biden’s energy policy, economic policy, and now magnifying monetary policy.
Our goods and housing costs are higher. Our wages are not growing much. The cost to borrow money to afford the gap is increasing. This is unsustainable.
In my opinion, the economy overall – as a measure of units produced and sold – has been in a contracting position since the fourth quarter of 2021. The appearance of economic growth, the value of goods and services, is an illusion that has been created by higher prices, ie. inflation.
The most important number for the survival of us as a country is at the bottom and it use to be at the top of that list.
I think I saw something about the self employed number decreasing 400,000.
No one is freer than the highly-skilled self-employed trades man.
Even billionaires need plumbers to come and fix the pipes to ward off cholera.
And as every homeowner knows, the plumbers come when and if they feel like it.
So do HVAC installers/repairmen.
An electrician finished some electrical work at an attorney’s home and then handed him the the bill.
Upon seeing the bill, the attorney screamed “$400 for one hour? That’s ridiculous! I’m an attorney and I don’t charge that much!”
The electrician replies, “Yeah, when I used to be an attorney I didn’t either.”
That was a good one.
I heard that it was a doctor and a plumber. Both work.
$650 for an emergency service call in FL..
My plumber is a good friend..every year I give him 2 to 3 weeks at my florida houses for 100 a night minus any work he has done for me..this year he cannot afford to go. He is working but his big job clients are slow pays and his costs are higher. This week I am listing 3 of my investment properties..it’s just not worth it anymore.
Need some new labor stats! How many of these 339,000 new jobs went to foreigners here legally on a visa and how many went to foreigners here illegally!!!
At the computer printer design center I was called back to, it’s easily filled with 30% south Asian HB1 contract employees now. This after forced retirement of over 80 R&D Engineers around 2 years ago
That’s one way to avoid pension/medical payments by corporate Fat Cats….rotate labor in and out of country.
They don’t leave .. they go back to school, which extends their F1 another 36 months, get married and plop out a couple kids.. Now they’ve been here 7 years, have anchors and apply for fast track citizenship.. Watched this game start in 2008.. You did too when dizney started bumping all their tech people the first time..
Uuuuh, all of them?
All New US Jobs Since The Covid Crash Have Gone To Foreign-Born Workers | ZeroHedge
ZeroHedge (take it for what it’s worth) article stated same thing today. Also, added on that the data masks the number of folks working 2-3 jobs.
Data is being manipulated so badly these days it’s hard to get at “ground truth”.
Never mind. Several similar posts in this thread.
Once again we arrive at the same starting point – who to trust.
White lies, damn lies and statistics.
Back when that quote was first expressed, calling someone a “damn liar” was the worst offence imaginable.
A man in Congress nearly beat another to death with his cane (probably WOULD have killed him if the cane hadn’t broken) BECAUSE the victim had accused him of being a,”damn liar”.
Now THOSE were the days!
Anyway, it gives depth to understanding the quote, to put it in context?
Yeah, and a good duel for honor – totally eliminates a slimy cockroach like Chucky Schumer from even pursuing a job as Senator.
I know that they know how many of those new jobs went to non-Americans, and I also know that they will never admit the truth. But the truth will prevail.
Ever notice that the Dems can never take back words even when proven wrong and can never tell the truth? Now we know why they have to rig election! Ask any Dem what they are running on and watch the tap dance to go around that question!
The uniparty always tap dances around rigged elections.
“I’m going to do everything I can to make sure Kari Lake is not elected”
— Liz Cheney
“The Uniparty stole the Arizona Election – D’s & R’s.”
— Kari Lake
Georgia GOP Convention Replaces Mike Pence with Kari Lake
arizonasuntimes.com/news/georgia-gop-convention-replaces-mike-pence-with-kari-lake/ralexander/2023/06/02/
How many of those jobs are taken by foreign workers?
How many of those jobs are part time?
How many people are working two or three jobs?
T’is a mystery…
For your consideration.
https://www.zerohedge.com/economics/all-new-us-jobs-covid-crash-have-gone-foreign-born-workers
But the UniParty in the Imperial Capitol sees none of it – print more money!!! We are toast as a country.
The paper board production, (for cardboard boxes), has been steadily curtailing. The paper mills producing this product have been slowing production or shutting down production for over a year. The level of curtailment has lasted longer than what was seen during the Obama terms.
Lies,danmed lies and Statistics
Yet one place where the BLS has allowed a glaring data deficiency to persist, is in what will soon be a very politically charged and sensitive data series: where have all the new workers come from.
As noted above, if one believes the BLS, US payrolls are now a record high 155.7 million, or 161 million employed workers according to the Household survey. But if one digs a little deeper, one finds something rather peculiar: all of the jobs created since the covid crash have gone to foreign-born workers! [excerpt from below]
https://www.zerohedge.com/economics/all-new-us-jobs-covid-crash-have-gone-foreign-born-workers
The BLS has been run by the Democrats for the past thirty years. It’s a division of the DNC just like the FDA, CDC, FBI, DOJ and CIA. The BLS will do nothing to impair the Bolshevik Agenda.
Just keep focusing on DEMOCRATS, Joe without recognising that Demicrats would be a permanent minority power, with no ability to advance the Globullist/Marxist agenda, without the constant support of their Republicon comrades,…
cause that view has worked out so well for us, so far.
Mitch makes tons more money selling Republican votes as a Minority Leader (follower)
Found this in the PA MAGAHOOD… on the way to MAGAVILLE. /s
https://truthsocial.com/@realDonaldTrump/posts/110465947840836524
Two Donalds Good. More Donalds Better.
Donalds, not Donald, speaks out on the DC swamp and how the Tea Party began to change it (1 min)
https://rumble.com/v2qfda5-byron-donalds-speaks-out-on-the-dc-swamp-and-how-the-tea-party-began-to-cha.html
History show that when the unemployment rate ticks up .3% versus the prior month, it does not go back down. It continues to rise. My recollection is that the average increase going forward before it reverses is close to 1.5%. If that holds, then the ultimate rate will reach 5.2%. And with 1.5% being the average, it could end up lower. Or higher.
My money is on higher.
A visual representation of owning nothing and being “happy.”
Whatever happened to the “Misery Index” by the way?
That depends on whether the MarxMerdia supports the current Administration, n’est-ce pas?
Right now they’d likely deny even knowing what that is.
If Trump was in office those numbers would triple. Translated government numbers are fake. Just like their media accomplices and their fake news.
I’m retired. Fortunately I have been doing contract work the past 6 months otherwise I would not have been able to afford basic living with the extreme inflation across the board. The work is now dwindling and will eventually cease. I knew that when I started but now I’m realizing that I may need to seek other work because I can’t afford the current cost of things. I didn’t accept the work, going in, thinking I needed it to get by but I’ve since realized finding new work is likely a necessity. I’m not that bad off, just noting that inflation is destroying people on a fixed income. They will be forced to find work of they can or go under.
Retired too and transformed a hobby into a weekly on-line LLC. There are many “side job” opportunities. Example; a buddy finds power tools for pennies on the dollar and sells on-line. Another does simple home repair services and makes $$$$. One guy watches over properties while the Owners are out of town. Another is a part-time “gopher” who does oddball stuff for a busy roofing company. He takes the vehicles in for oil changes, runs to job sites with materials needed, washes the fleet, answers phones when needed. We’re all retired. Key: have insight and a keen eye for stuff other ppl don’t see.
Agree. It’s an economic requirement today and if the work is not unpleasant or in your case a hobby it’s good for you.
There’s an issue with payroll data from BLS in that response rates are at historic lows. Something like 30%. So a lot of it is models, aka guesswork
*establishment survey
The other issue is the Pretending. Birth / Death model is contingent on where we are in business cycle. In other words, the ongoing recession denial is f-ing up jobs data as well.
If it’s coming from our government, it has been vetted 50 ways to make it supportable in some loony, roundabout fashion and is 100%, flat out, unmistakably wrong.
Better said, it’s an absolute lie approved by everyone – and final stamped in the White House.
Student loan repayments are set to restart in September. Wages gong down, expenses for some increasing by hundreds of dollars a month. This won’t end well.
I may never have gotten to see Europe but I’m very happy I made the sacrifices I did to get my daughter through college without debt.
Mari in SC: Thumbs up for you, for avoiding the debt trap.
I cosigned my daughter’s college loans way back in 2010. She spent six years in college becoming a dedicated leftist. She doesn’t use her biology degree, preferring instead to live off of the good graces of her aunt or who knows who. She was counting on Biden forgiving her loans but I am almost certain that when the loans come due that I shall be hit up by the government to honor my signature. I shall keep my word but in so many ways I have lost a daughter. Don’t cosign your kid’s college loans. If they want the education, make them earn it.
My thoughts and prayers go out to you ! I have seen this one play out so many times, it is absolutely heartbreaking.
Still, you got her through a degree in biology which is at least something. When the freebies from family run out and she has to get a job job she at least has something.
Maybe you can interest her in law school – at her own expense. There are very very few patent lawyers in the country, because in order to join the patent bar you need an undergraduate degree in a real science. Once she realizes she qualifies for a $400k/year patent law job she might forget all that lefty stuff and start thikning tax shelters. Maybe even thank her parents.
Pretty confident it was a brazen pander to the Gen X hive-mind. O’Biden admin. knew it would get shot down so why not offer it as tantalizing vote-bait? Next up, reparations.
Gen X has paid off its loans. Millennials and Gen Z have the student loan debt.
Thank you for correcting this.
— Gen Xer
Three kids all have 4 year degrees and no debt. They did the 2 year community college and 2 year major university. I have been to Europe, it’s worth the trip.
As a boomer that’s retired, I always waited on Lady Luck being outside my door. As luck would have it, she never came through that door! I thank the good Lord I still have my health and a bit of sanity and humor to make the best of it. I support the lesser lucky ones but not as much as I would like to. Maybe I was opening the wrong doors, LOL!
Well done. Your daughter will always be grateful and as time passes she’ll realize even more what you sacrificed to give her. I know I do. I’m in my 70s and throughout my later years I’ve thought about the sacrifice my Dad and mom made to put 3 daughters through college in the 60s. How different our lives would have been without that degree at that timeframe in our country when a degree was valued.
Well done, mom.
Our daughter has her Master’s degree in Geology. Hubby and I made her get a job and contribute at least $100 a week to her room/board/tuition for the 6 years she was in college. We covered everything else. During her undergrad she thought we were so “mean” to make her work. As she got older, she was so thankful to get through her college years with no debt. We co-signed the note for her to buy a lovely home and now, 5 years later, the bank let her carry her note by herself. She’s got a great job and we couldn’t be more proud of the wonderful, hard working, smart woman she has become.
Real unemployment is closer to 15% if you include those who are no longer looking for work (entitlements)
The bottom chart….the revised numbers
caught my attention.
As usual, the numbers were revised
Downwards.
When President Trump was in office the
numbers were always revised
Upwards.
It almost appears that during Biden they
don’t want people to know how bad it is.
When it was President Trump they didn’t
want people to know how Good it was.
Don’t believe the BLS
Wonder if the revised numbers were lowered because the new numbers are going to be even lower and the BLS is dropping previous ones to make the present ones look better?
There were only 117 Representatives and 36 Senators who showed the slightest regard for the ordinary people in this country and economic situation in which we find ourselves.
No there were 117 Representatives and 36 Senators that KNEW the bill would pass despite their no vote, and that they could use that no vote in their next campaign, to delude their constituents into thinking they give a crap.
The leadership actually directed them to vote no, for that very reason.
Bingo!
Here is an easy image to understand what Sundance is writing about. More Jobs are a great talking point. But it comes down to how much it costs to live versus how much income is made.
Sorry that I cant embed the image. The link is to the FRED Database.
https://fred.stlouisfed.org/graph/?g=15LBY
Have no fear: FJB has opened the floodgates bringing in enough people to work more lower level jjobs: gardeners and government workers
And these fools rejoice over their doctored numbers, a border that is “closed”, inflation that is “transitory” and a proxy war with Russia that Victoria Nuland and the State Dept have just about “won”! Watching this unfold proves the theory of The Fourth Turning is real and getting VERY close.
Just look what America can export with all this job growth! A brimming horn of plenty for the whole world, with greater prosperity for our nation from American exports. Oh, dear, manufacturing and trade is on the bottom of the list. Never mind.
15 million invaders on our soil. What do you think will happen when thire EBT cards no longer work? Jobs? You won’t even make it to your job- if it’s even still there. The country you grew up in is over and you better be ready for what’s coming.
Also looks like majority of post covid hoax jobs were given to foreign nationals. Sen. Mike Lee’s H1B Highway 12 lanes wide one direction only.
The pressure being put on the middle class is visible in the faces of the people I run into at the store. People are stressed, especially mothers with kids in tow. Pressure and stress kill people.
That’s the goal; to make life harder and harder on the (mostly white) middle class, until eventually people start to give up.
Suicides, drug and alcohol abuse, domestic abuse are all on the rise.
Hard-working, law-abiding American citizens are being made to pay for crimes they never committed.
Hummm so where does the 6 million plus illegal alien population fall into these “economic” employment numbers
First in line for new jobs, and for our jobs . . .
I’m not buying these stats… i have recruiting friends and those who own global recruiting agencies. For every 1yr contract and/or direct hire open spot, they’re receiving abt 200+ resumes… fintech, healthtech, IT, SaaS, etc.
We already know the only qualifications for someone looking to work in this admin r a pulse and the ability to lie profusely.
Coming up to a neighborhood near you, RECESSION!!! 🤨
The AVERAGE workweek hours declined to 34, I wonder how much of this is companies doing “the Obamacare shuffle where they replace one, full time worker that they would be required to privide with health insurance, with two part timers which they are not?
Its not REALLY “Youvwill own nothing snd be happy” you know.
Its “you really never DID own anything, we just let you have the ILLUSION that you did, and now we’ve decided you don’t even deserve the illusion.”
In the most recent report, productivity had dropped significantly. So in addition to part time jobs, you also have it taking more people to do the same jobs, which suggests most “job gains”are at jobs with wages at the bottom of the scale. Not the kind of jobs we want for a healthy society.
Not included is a breakdown of how many jobs went to illegal aliens or HB visas vs how many went to U.S. citizens.
Hiring the “undocumented”?
Biden didn’t create squat, he destroyed more than that.
What do you see in these time/price charts of the S&P 500? They each go back a number of years.
Here is the S&P 500 Daily chart……each vertical bar is a single day of price activity (ie. price range).
.
This is the same S&P 500’s WEEKLY chart…each bar is a week of price activity (read: price range).
.
.
Q: How, and where, do Sundance’s prognostications and expectations overlay these charts over the past 2 years? Key moments and points in time?
Now, given where prices WERE at the close of 2022, and looking at the price action (up or down price moves). Where do you think prices will be in 3 mo? 6 mo.? 12 mo?
Higher? Lower? The same point where it is now?
If the stock market sells off from current levels, resuming the move from it’s all-time highs (look at the weekly chart), what does that means to middle class retirement accounts and financial stress in households? Could that quickly cause real harm?
.
QUOTE:
”In my opinion, the economy overall – as a measure of units produced and sold – has been in a contracting position since the fourth quarter of 2021. The appearance of economic growth, the value of goods and services, is an illusion that has been created by higher prices, ie. inflation.”
.
Hmmm.
Let’s switch a few words in the statement above, as applied to these price charts.
”The appearance of (price) growth, the actual price the global market values an index (in this case), is an illusion that has been created by higher prices, ie. inflation.”
👇👇👇👇
https://fortune.com/2023/06/02/jobs-report-soars-major-retailers-predicting-recession-amid-consumer-pull-back/
These monthly reports might as well be climate change predictions. Full of bad numbers and a basket full of both apples and oranges. The Labor department is happy to provide these talking points to the President and then quietly fix the numbers next month. The reason they do this is that they already know that most of the population can’t do simple math well enough to survive in the real world and will be unable to do anything but accept what they are told to believe. Do not ever trust the Government to make up monthly reports on how well the Government is performing. You will never find any truth there.
I don’t believe those numbers .
At my job, UPS,I’m seeing layoffs like never before ,worse than 2008.
I’ve had a Shift time change because of it, and will see another soon.
I’m seeing part time workers with over 20 years seniority being pushed out of their current jobs and moved .
I have a ramp job at phl philly .
All BS. New article out today shows besides the manipulation of data regarding new jobs (multiple job holders being counted), the net effect in all new jobs is due to ILLEGAL IMMIGRANTS filling those slots.
Biden’s immigrants!!
Hello American worker!
The U 6 is listed as 6.7 percent.
https://www.bls.gov/news.release/empsit.t15.htm
What was U6?
I am not sure why anyone is expecting any sort of truth or candor or accuracy or reliability from anything released by the federal government. They are all politicized and corrupt. Yes, even the bureau of labor statistics.
it’s really hard for folks to face the facts but the America we grow up grew up in is gone with the wind, just as gone as the slaveholding south, and it isn’t coming back.
Zero Hedge had an article that most of these new jobs were going to foreigners.
Every quarter the dream figures so the Politicians can brag then revise them down for the next quarter. Thousands of Bureaucrats on the public dime and this counting is their only job. Man, I wish I could do that to my lottery numbers.
Thank you for the education.
One line of thinking is that suffering brings people to know God.
When I finally realized the systemic political corruption in US, thanks to Sundance’s encouragement, I started living my best life and did get closer with God.
Namaste🙏🏻🙏🏻
Something I’ve noticed over the years is that the great jobs number news is given at the end of the week, so people have happy news going into the weekend.
But come Tuesday the following week, the first-time unemployment claims are quietly reported on…and usually outnumber the new jobs claims.
Not many comments on this one, so I’ll add my two cents.
Number 3 on the list is government.