Quote:
Originally Posted by Pete F.
Boom. June payrolls added 528,000 jobs — more than *double* estimates of 250,000 new jobs. Unemployment rate drops to 3.5 from 3.6%.
The labor market shows no signs of cooling just yet.
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interesting....
"Much of the press coverage was similarly straight out of the Biden White House’s hymnal. But a closer look at the numbers suggests why a lot of workers are not feeling so thrilled right now. Comparing the seasonally adjusted numbers for July 2022 with the previous month, we see:
71,000 fewer people working full-time jobs;
384,000 more people working part-time jobs. There was an overall growth of 303,000 more people working part-time who would prefer full-time, driven by a growth of 331,000 more people in full-time jobs being cut back to part-time (what the report refers to as “slack” work);
92,000 more people working multiple jobs;
279,000 fewer people self-employed; and
63,000 fewer people in the civilian labor force, after a decline of 353,000 in June.