On Friday, the Labor Department reported that the US economy only created 75,000 jobs in May 2019; however, the unemployment rate was not affected as its state at 3.6%.
If anyone is worried about this, remember, unemployment is already at record lows. How can new jobs keep rising if more people are working than ever? Statistically, we are at full employment.
— BLS-Labor Statistics (@BLS_gov) June 7, 2019
Economists had expected the pace of job creation to moderate to 180,000 after April’s extremely hot initial report of 263,000. The unemployment rate was expected to rise to 3.7 percent.
The estimate for jobs created in March was revised down to 153,000 from the previously reported 189,000. April was revised down to 224,000.
After revisions, the economy has added 151,000 over the past three months. For the entire year, payroll gains have averaged 164,000, a much slower rate than 2018’s 223,000.
Wages gains slightly lagged forecasts. Average hourly earnings were up 3.1 percent compared with a year ago, just below the 3.2 percent expected, and 0.2 percent compared with April. The average work week held steady at 34.4 hours. [Breitbart]
— The Hill (@thehill) June 7, 2019
While the #JobsReport was disappointing and hints at tariffs/trade war causing mild slowdown, let's consider that a 100,000 beat or miss on #NFP is equivalent to ~0.06% of total labor force. Wage growth +3.1% y/y still near decade high + y/y total NFP trend remains steady pic.twitter.com/whp4eJRYfu
— Michael McKerr (@MikeMcKerr_TDA) June 7, 2019
— Market Edge (@_MarketEdge) June 7, 2019
I was watching Bloomberg for the jobs report, they characterized it as disappointing and worrisome and that “wages are not increasing,” yet wages were up 3.1% year over year. They used the miss from 3.2% expected to 3.1% actual as of the basis for their lie. They can even turn hard economic data into Fake News.
Do you think all the people who have gotten jobs and those who ARE still getting them believe this is terrible? I wonder how the people whose wages have risen feel about these “bad” numbers?
CNN will be giddy; they are cheering for a bad economy, rooting for China in a trade war, hate God/Christ and America, you get the picture.