Posted on 06/07/2024 5:51:25 AM PDT by Miami Rebel
The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve’s impetus to lower interest rates.
Nonfarm payrolls expanded by 272,000 for the month, up from 165,000 in April and well ahead of the Dow Jones consensus estimate for 190,000.
At the same time, the unemployment rate rose to 4%, the first time it has breached that level since January 2022. The increase came even though the labor force participation rate decreased to 62.5%, down 0.2 percentage point. However, the survey of households used to compute the unemployment rate showed that the level of people who reported holding jobs fell by 408,000.
Job gains were concentrated in health care, government and leisure and hospitality, consistent with recent trends. The three sectors respectively added 68,000, 43,000 and 42,000 positions. The three sectors accounted for more than half the gains.
Other significant growth areas came in professional, scientific an technical services (32,000), social assistance (15,000) and retail (13,000).
Regarding wages, average hourly earnings were higher than expected as well, rising 0.4% on the month and 4.1% from a year ago. The respective estimates were for increases of 0.3% and 3.9%.
The propaganda machines are churning at top speed.
Illegals and Government workers are counted, which skew the total jobs gains. Reminds me of the old saying ‘Figures never lie, but Liars figure.
If the administration were manipulating the numbers, they’d have generated milder, not stronger, growth. At this point, this robust growth only serves to delay the Fed easing rates at this point.
Are they Americans and were they hired by the private sector?
President Biden has done saved us!
People are taking second jobs because of Bidenomics.
Audit their data.
If the administration were manipulating the numbers, they’d have generated milder, not stronger, growth.
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What would be the rationale for that?
BBB🤬🤬🤬
Half the jobs were healthcare, government and busboys. Robust economy. /s
That’s a lie.
Expected to revised down in the middle of the night a month from now.
“The propaganda machines are churning at top speed.”
The entire government is weaponized against the people of the United States. We the people can’t even get real numbers from the US government, it’s all propaganda all the time. Yes, they eventually ‘correct’ the numbers when the headlines pass. Just like they did to keep Obama in power, they use the same propaganda to keep Biden lie about the economy going.
These people also need to answer for their crimes. They need to out the people that ordered them, and resign from Government. Once again, using public money to lie and distort facts for political agendas doesn’t serve the people. It’s seditious.
Meanwhile the U.S. national debt is racing towards $35 trillion.
They just lowered 2023 monthly new job estimates by 60,000 per month because of “errors” in measurements. I don’t think there is very much faith in these numbers by those in the know.
“the ‘Rats will shout this from the rooftops for a while, then the numbers will be quietly revised down.”
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Watch for significant revisions in July when everyone is preoccupied with vacations.
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