After a somewhat optimistic JOLTS report earlier this week, today the Bureau of Labor Statistics released the employment data for June and it was well below expectations, but these reports seem to have a high degree of uncertainty. According to BLS based on the business survey, 57,000 jobs were added in June, and April and May’s numbers were revised downward by 74,000 jobs. And the household survey somehow showed that the number of employed persons dropped by over 500,000; creating another gap between the two surveys. BLS really has to address its methodology, these surveys are too important to have issues about accuracy constantly arising.
The work participation rate declined, driven by a drop in the civilian labor force, which also led to a slight decrease in the unemployment rate. Full time workers also supposedly declined by over 500,000. I continue to suspect some of what we are told about the number of employed persons and full-time jobs relates to the removal of illegal immigrants. This is supported by data showing a drop in the number of foreign-born workers. Social assistance, health care and business and professional services displayed job gains, there was a job loss in leisure and hospitality, which is highly seasonal. Hourly wages increased at a pace slightly above inflation, which is a positive. At the same time, we get data, which is more accurate, showing no increase in unemployment claim filings. (BLS Release)
As a child, raised with the Mpls. Tribune, in the 1940’s and 50’s I knew of no other, but it was then quite a different paper, though I knew not just how different it would become over time and in sometimes foreign hands. Heeding a long-standing rule not to let the garbage in my home fester, I some years back banished The Strib, retaining only the Sunday edition. Even that became a mental burden (and costly as well), so it too was banished and replaced with online diverse fare.
Your Anti-Strib missives are a must-read, and I enjoy them greatly as a form of journalistic schadenfreude. May our own Mr. Taylor enjoy his Scrooge McDuck act in the hereafter, towards which he might well be soon delivered. The non-profit ploy is a rare treat to behold, as are the Strib’s latest halting attempts to price and then re-price their online offerings. The full-on continuing monthly rate appears to equal that of the digital WSJ. Quite the value comparison, about which little needs to be said.
Keep up all your writing, I remain a steadfast fan of your efforts!