Posted on 06/03/2022 6:25:52 AM PDT by Browns Ultra Fan
There are two faces of today’s employment report.
But let’s start with US average hourly earnings growth less inflation (aka, REAL hourly earnings). It printed at -2.8% YoY, meaning that inflation is causing REAL hourly earnings to fall.
The good news is that jobs added in the latest report printed at +390k in May. This is only one face of employment. Yesterday’s ADP jobs added report was considerably lower at only 128k.
Labor force participation rose to 62.3%, but remains below pre-Covid levels.
The unemployment rate remains the same at 3.6%, but the underemployment rate rose to 7.1%.
I cannot stress the importance of declining REAL wage growth on housing (both owner-occupied and rental).
(Excerpt) Read more at confoundedinterest.net ...
Seems most of the delta has been in information technologies and a ton of it around the cloud providers. The fortune 500 has been rocked by cloud and hardware price increases since Jan 1 2022. If your not buying new equipment you don’t need administrators and support for those people.
+
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.