Article

2023-06-03 Economy

US job growth unexpectedly jumps in May as economy adds 339,000 new positions

The rubes aren't falling for it.
Read the comments.
[FoxBusinessNews] May jobs report shows US economy added 339,000 jobs last month.

U.S. job growth unexpectedly surged in May, as the labor market remained surprisingly resilient even in the face of rising interest rates, declining economic growth and chronic inflation.

Employers added 339,000 jobs in May, the Labor Department said in its monthly payroll report released Friday, easily beating the 190,000 jobs forecast by Refinitiv economists. That also marks an increase from April, when payrolls increased by an upwardly revised 294,000.

At the same time, a separate report based on a survey of households, offered a slightly different picture of the labor market. The report indicated the unemployment rate climbed to 3.7% from 3.4%, even though the labor force participation rate remained unchanged last month. It was the highest jobless rate since October 2022 and the biggest increase since the early days of the COVID-19 pandemic.

Wage growth also cooled last month, with average hourly earnings – a key measure of inflation – rising 0.3%, in line with estimates. On an annual basis, wages rose 4.3% in May.

Then there’s this:

And here are the BLS revisions for the fake Q1 2023 data they released.

Don't be surprised. The CPI data is fake also, massaged downwards to make inflation appear lower than it really is. Plus they are also playing games with the employment jobs creation numbers. https://t.co/sgBn3o7g6P pic.twitter.com/vMQqbjoynJ
— Wall Street Silver (@WallStreetSilv) June 1, 2023

Posted by Skidmark 2023-06-03 00:00|| || Front Page|| [11147 views ] Top

#1 'Should be concerned': Congress opens up on new threats posed to US labor market

Posted by Skidmark 2023-06-02 09:00|| 2023-06-02 09:00|| Front Page Top

#2 Former White House economist details 'red flags' in May jobs report

Posted by Skidmark 2023-06-03 00:18|| 2023-06-03 00:18|| Front Page Top

#3 Dominion computer algorithms at work.

Posted by Besoeker 2023-06-03 02:57|| 2023-06-03 02:57|| Front Page Top

#4 They are all ATF positions for some reason.

Posted by Super Hose 2023-06-03 08:31|| 2023-06-03 08:31|| Front Page Top

#5 WH claims inflation is down - just look at the price of a case of Bud Light since January.

Posted by Procopius2k 2023-06-03 08:53|| 2023-06-03 08:53|| Front Page Top

#6 Decline of the Gig Economy Could Be Pushing Workers into Payroll Jobs

Posted by Skidmark 2023-06-03 09:35|| 2023-06-03 09:35|| Front Page Top

#7 And all of them seem to have gone to colonists.

Posted by ed in texas 2023-06-03 09:43|| 2023-06-03 09:43|| Front Page Top

#8 I was going to mention that, Skid.

Seems that some companies actually need real employees.

Posted by Mullah Richard 2023-06-03 10:22|| 2023-06-03 10:22|| Front Page Top

#9 Sadly, government numbers are crafted for political use, then later adjusted with little media notice. To paraphrase an old Soviet axiom, "They know they are lying, we know they are lying, they know we know they are lying, and we know they know we know they are lying". Apparently, it now describes the USA.

The anomaly of increased jobs numbers coupled with increased unemployment reflects jobs going to persons not withing the reporting system (illegals) and persons within the reporting system taking on a second job, part-time to survive the massive inflationary impact of government spending/borrowing/printing.

Posted by NoMoreBS 2023-06-03 11:58|| 2023-06-03 11:58|| Front Page Top

#10 Some of may is seasonal tax preparer stuff and home garden center type upticks. I don’t follow the historical stuff.

Posted by Super Hose 2023-06-03 14:39|| 2023-06-03 14:39|| Front Page Top

#11 AB5 in CA forced me to create a S-Corp (should've done a LLC) just to work as a post-retirement ~~engineer~~ inspector with no Health/Life Ins. needs. Only ones that made money was the CPA/Atty I had to secure

Posted by Frank G 2023-06-03 17:26|| 2023-06-03 17:26|| Front Page Top

#12 I've come to this point with a healthy and well founded distrust for government numbers, politicians, polls, insurance companies, financial planners, government agencies, endless wars and honest elections.

Posted by JohnQC 2023-06-03 22:54|| 2023-06-03 22:54|| Front Page Top

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