Did anyone else notice that the new jobs were over 300,000
lower than expected, but the jobless figure dropped by
close to 0.5%?
Say what?
Yeah, I caught that, too.
It seems that the unemployment rate was lower than expected, not because more people were employed but because a huge number of people just left the labor force - they’ve decided to not even pretend to look for work.
Did anyone else notice that the new jobs were over 300,000
lower than expected, but the jobless figure dropped by
close to 0.5%?
Yes, because less people are looking for jobs than last month.
5% is considered full employment, we are at 4.8%, same as when Trump took office in 2016. We went down to 3.7% until Covid restrictions started.
Two other points: Private sector added 171,000 more jobs than shown because Govt jobs decreased by 171,000 jobs. That’s good. Second, this is a draft report. Every prior draft report for months has been raised when the final report comes out. We are getting down to people who are avoiding work now. Anyone that wants to work can work. The people are the problem, there’s no lack of jobs and wages are up 4.6% this year and still rising, up .6% last month, which exceeds 7% on an annualized basis.
Working through the supply chain problems should be the focus now, but I haven’t heard anything from govt about how they might help fix that.
My question is, how many of the work refusers are simply too scared of Covid to go to work?
They all fell off the unemployment roles September 4th when the PUA ended. In government figures that means they are no longer unemployed. Magic!