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%.
but household survey shows 400000 down. so...
As reported on News Max, most of these jobs are part time and not well paying career jobs.
2nd job Grub Hub, Instacart, Door Dash and Uber.....great work, guys.
Something like 85,000 in healthcare alone according to what was on the radio this morning.
It would be next to impossible that these were doctors, dentists, nurses and the like. There are not enough of them to account for this number.
Probably the bulk are new paper pushers to raise healthcare costs.
How many college graduates are there this year, and how many of these jobs went to them?
Biden is the world’s number one enemy and domestic enemy number one.
Protecting these demonic leftists until there is nothing left except ashes…
You are not wrong BUT why do they keep releasing inflated numbers and then revising them down later. By your rationale, they could just release the actual numbers and take a victory lap. Why don’t they? I think it is because if they did, everyone would see that the inflation has nothing to do with job numbers and everything to do with the ridiculous spending.
Well, for one, there are Americans looking for work, especially in IT.
Bloomberg’s chief economist Anna Wong:
“May’s jobs report presented contradictory views of the labor market, as we expected. The establishment survey shows robust gains in nonfarm payrolls — yet the unemployment rate rose to 4.0%. We believe the latter currently offers a closer approximation of reality than payrolls, as BLS’ model for estimating business births and deaths – which added 231,000 jobs to the nonfarm-payrolls print in May – is lagging the reality of surging establishment closures and falling business formation. We think the underlying pace of current job gains is likely less than 100,000 per month.”
https://x.com/zerohedge/status/1799069471765922202?s=46&t=eVH48PcYab6vu6prwIzoOw
I’ve been a buyer of bonds lately, and I hope that that interpretation takes hold in the market.
economy growing.
\/
$pit
. just like norway and natzies in ww2
( heavy water )
.
i’ve been buying treasuries, laddering the maturity dates
“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%.”
Due to AI, many jobs in IT may be automated.
There are plenty of jobs available. But the jobs are not easy to do so "some" Americans will not do them.
Pay a competitive wage and an American will do any job!!!
Stop with the pro-immigration, cheap labor, Chamber of Commerce propaganda!!!
And AI, good IT workers will still be needed. If nothing else, but to correct the garbage AI creates.
For now. But AI is constantly improving so less IT workers will be needed eventually. Twitter was an extreme situation. But basically all the tech companies could do what Twitter did and lay off 90% of their workforce and not miss a beat.
I’ve been a heavy buyer of baby bonds, mostly issued by Business Development Companies (BDCs) and all of them NYSE-listed: FCRX, GAINN, NMFCZ, SAZ, etc. Two-to-four year maturities with yields-to-maturity of 6.8-8.25%.
Also, I hold many preferred shares with upcoming resets to their coupons: Kemper Pr B, Western Alliance Pr A, etc.
The Western Alliance I began buying when Ken Griffin of Citadel announced that he’d purchased 5% of their common. At its current price it yields 5.8% but the 4.25% coupon will reset on 9/30/26 at the prevailing 5-year Treasury rate + 3.452%. If called at that date its yield-to-call would be 18.5%.
I’m leery of those types of bonds, I’d rather stick with the surest bets. I have enough risk with stocks
From the above...
“...
Government employment continued to trend up in May (+43,000), in line with the average
monthly growth over the prior 12 months (+52,000)...”
Quelle suprise, eh?
It’s good to be Deep State.
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