U.S. Adds 206,000 Jobs in June, Another Solid Month of Gains

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Hume

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President Biden cheered the jobs report, while adding his now-regular caveat about consumer prices being too high. “We have more work to do, but wages are growing faster than prices and more Americans are joining the workforce, with the highest share of working-age Americans in the workforce in over 20 years,” Mr. Biden said in a statement released by the White House.

www.nytimes.com

Live Updates: U.S. Job Growth Remains Solid

The labor market showed resiliency in June, adding 206,000 jobs, a sign that economic growth remains healthy. The unemployment rate ticked up, to 4.1 percent.
www.nytimes.com www.nytimes.com
 
Hume said:
President Biden cheered the jobs report, while adding his now-regular caveat about consumer prices being too high. “We have more work to do, but wages are growing faster than prices and more Americans are joining the workforce, with the highest share of working-age Americans in the workforce in over 20 years,” Mr. Biden said in a statement released by the White House.
Click to expand...
"Highest share of working-age Americans in the workforce in over 20 years" my ass...

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206K is a solid's job month. Remains to be seen if that number stays as there has been a 111K jobs downwards revision for April and May. Unemployment increased to 4.1%, the first time it's been over 4% since Nov. '21. Unemployment has risen recently from 3.4% to 4.1%. 4.1% is still not a bad number at all but for those familiar with the 'Sahm Rule' it comes close to triggering it which would say a recession has begun (it's hasn't triggered it yet but the fact that it's close shows elevated risks is how I seen it framed).

As to the argument that people would rather discuss the debate (and Biden's age) than the economy it seems to me the economy has gotten a lot of attention. One of the reason's for that is why it has gotten such low approval ratings even when certain economic indicators might have said parts of the economy were good. It's not a new discussion how inflation has hit people differently, the cost of housing (and how the 'American dream' of homeownership seems further out of reach for more and more people which makes them look less positively at the economy) and so fourth.

And then you have the argument that due to the jobs market softening and economic slowdown that the Fed should be more dovish and start cutting rates.

The Fed is hopeful that it can pull off the soft landing and has been feeling pretty good about itself here recently. It's not a closed book yet though that it has.
 
Hume said:
President Biden cheered the jobs report, while adding his now-regular caveat about consumer prices being too high. “We have more work to do, but wages are growing faster than prices and more Americans are joining the workforce, with the highest share of working-age Americans in the workforce in over 20 years,” Mr. Biden said in a statement released by the White House.

www.nytimes.com

Live Updates: U.S. Job Growth Remains Solid

The labor market showed resiliency in June, adding 206,000 jobs, a sign that economic growth remains healthy. The unemployment rate ticked up, to 4.1 percent.
www.nytimes.com www.nytimes.com
Click to expand...

Both the unemployment rate, at 4.1 percent, and the number of unemployed people, at 6.8 million, changed little in June. These measures are higher than a year earlier, when the jobless rate was 3.6 percent and the number of unemployed people was 6.0 million.

Among the major worker groups, the unemployment rates for adult women (3.7 percent) and Asians (4.1 percent) increased in June.

The number of long-term unemployed (those jobless for 27 weeks or more) rose by 166,000 to 1.5 million in June. This measure is up from 1.1 million a year earlier.

The number of people not in the labor force who currently want a job declined by 483,000 to 5.2 million in June. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.

Government employment rose by 70,000 in June, higher than the average monthly gain of 49,000 over the prior 12 months. Over the month, employment increased in local government, excluding education (+34,000) and in state government (+26,000).

Employment in social assistance increased by 34,000 in June, primarily in individual and family services (+26,000). Over the prior 12 months, social assistance had added an average of 22,000 jobs per month.

Here's the REAL crux to these dumb Government data:

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 is 111,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)
 
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