The jobs numbers are out.
The US economy really only added a net 95,000 jobs in June… …until that number is revised lower next month after all today’s headlines say the labor market is thriving.
For as usual the last month’s figures were adjusted downwards. The change in nonfarm payrolls for April was revised down by 57,000, from +165,000 to +108,000, and change for May was revised down by 54,000, from +272,000 to +218,000. With these revisions, employment in April and May combined is 111,000 lower than previously reported. The unemployment rate has risen to 4.1% β the highest since November 2021.
The bump in June numbers was greatly impacted by government jobs at local, state and federal levels. Steve Liesman of CNBC said: “74 percent of the jobs came from government and health care and education. So, that is where the bulk of the jobs are. The rest of the jobs not doing quite so well.”
CNBC: Nearly three-quarters of the jobs added last month came from government.
— RNC Research (@RNCResearch) July 5, 2024
"The rest of the jobs not doing quite so well." pic.twitter.com/KxtFlyLihb
More downward revisions
— Tracy (ππ½πΎ ) (@chigrl) July 5, 2024
The change in total nonfarm payroll employment for April was revised down by 57,000, from +165,000 to +108,000, and the change for May was revised down by 54,000, from +272,000 to +218,000. With these revisions, employment in April and May combined isβ¦
Drop in Employment payrolls but as usual Government jobs up big again adding more government bloat despite deficits. Government share of hiring up to 33% of jobs created last month…. pic.twitter.com/MYuPZK5EX5
— Lee3 (@Lee_Lichterman) July 5, 2024