Technical Review

Headlines and the Devil in the Details

The headline proclaimed that 272,000 jobs were created in May which was 50% higher than the forecast gain of 180,000. Wages grew 0.4% in May and were up 4.1% from last year. The increase in the Unemployment Rate from 3.9% to 4.0% was easily dismissed in the face of stronger job growth. A look at the details within the May employment report showed that the labor market was far weaker than the headline suggested. The Household survey recorded a loss of -408,000 jobs in May which is why the Unemployment Rate increased. The number of Full time workers plunged by -625,000 which was partially...

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