Posted on 06/02/2023 7:42:03 AM PDT by ChicagoConservative27
The U.S. added 339,000 jobs in May and the unemployment rate rose to 3.7 percent, according to data released Friday by the Labor Department.
The job market scrambled the expectations of economists in May.
Expert forecasters projected a gain of roughly 195,000 jobs last month, according to consensus estimates, but for the jobless rate to stay largely even at 3.5 percent.
The jobless rate has bounced between 3.4 percent — its level in April — and 3.7 percent since March 2022.
The Labor Department also revised March and April’s job gains up by a combined 93,000 jobs, the latest sign of the job market’s resilience as the broader economy slows.
(Excerpt) Read more at thehill.com ...
It’s summer. Summer jobs kick in
Math doesn’t make sense:
MORE NEW JOBS====HIGHER UNEMPLOYMENT % ?????
The Hill - trash to be ignored
It’s a government game.
They say that the job market expands every month when they have a POTUS in who they want. Later they revise the estimate way down. When it’s really bad, they start counting part time jobs and illegal aliens working. The number of Americans working full time jobs continues to dwindle, but the Media (sponsored and guided by Government) keeps telling the people it’s ok.
Things are not ‘ok’, all the economic indicators suggest very bad things are coming soon.
What was the number this time of year under Trump?
I call BS...
every company I know and work with right now is either laying off or freezing hiring.
Presumably, some welfare checks ran out and so there were more people looking for work.
Alternatively, all those millions of illegal immigrants are starting to show up in the statistics as unemployed.
The statisticians that come up with these figures for “jobs added” do not SUBTRACT from this figure the persons whose jobs were LOST, either through elimination or unable to be filled from the existing labor pool.
Dishonest at best, and criminal on any rational level.
Transparency is not the greatest forté of these trolls.
Anybody have access to the WAS/IS numbers for March & April?
Curious to see what the “revised numbers” say.
ROTFLMAO! Yeah okay. And inflation is a myth, also. How many jobs did we LOSE last month? That’s the question. This crap is just used to boost FJB’s toilet paper poll numbers.
**It’s summer. Summer jobs kick in**
Exactly. For example, rarely is any asphalt laid north of I-80 before May.
What market sector added the jobs? How many people are just switching places with other people in an effort of increasing their pay, while taking some time off between jobs?
We’re in a wartime economy. This is the LBJ method. Is this what the Ukrainian war is really all about?
Wonder if the increase in H1B visas and illegal immigration is a factor?
Unemployment rate rose to 3.7 percent.
No gain
Yet the total number of working Americans did not grow.
How many of the jobs were “new” jobs and how many were finally filled jobs from folks finally, induced by inflation, to get off the dole, the government or their parents. How many were former “contract” workers now working as regular employees.
We should ditch the labor department’s measure they call “the unemployment rate” and just watch and look at the labor participation rate and the labor participation numbers (rate and numbers of those between the ages of 16 to 65 that are working or “actively seeking employment”. And we should ditch the latter half of that definitiion. Half the working age population could be “seeking employment” but that would not make the real worker participation rate any better.
No, those are supposed to represent net jobs gained or lost.
The total US job market is said to be circa 160 million jobs, and at any given time there are around 10 million unfilled job openings, which these days is said to be more than the number of jobless workers looking for jobs.
In any give month, millions of new jobs are added while at the same time, millions of other jobs are eliminated.
So the figures we see for "job gains" are simply the net of those millions of gains & losses.
On top of all that, those numbers are seasonally adjusted, meaning, for example, on average millions of new Christmas jobs are added in, say, November and then lost again in January.
So government statistics measure not the actual gains & losses, but rather their deviations from long-term averages -- they are seasonally adjusted.
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