In any event, that’s the headline based on the numbers that came in this morning.
The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve’s impetus to lower interest rates.
Nonfarm payrolls expanded by 272,000 for the month, up from 165,000 in April and well ahead of the Dow Jones consensus estimate for 190,000, the Labor Department’s Bureau of Labor Statistics reported Friday.
Some are even characterizing it as a “vibrant” labor market.
…Beyond signaling a still-vibrant labor market, the data at the very least adds to the narrative that the Fed doesn’t have to rush to lower interest rates. As inflation runs above the central bank’s 2% target, there’s scant evidence that higher rates are endangering broad metrics of economic growth.
…Even with the unemployment rate rising to 4% in May, the labor market appears vibrant.
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But, as a famous man once said, “There are three types of lies. Lies. Damn lies. And statistics.”
What is the story behind the numbers, and how does it change the narrative? And is Joe right when he tells us the economy is fantastic, but we don’t realize how wonderful he is because we are too stupid?
Where are the jobs coming from?
Gov't was the 2nd largest source of job growth over the last year, behind only healthcare, which is a gov't-dominated sector where many of the jobs are funded by taxpayer dollars – this direct and indirect gov't hiring accounts for about 60% of all job growth over the last year: pic.twitter.com/wOJRIu7ka3
— E.J. Antoni, Ph.D. (@RealEJAntoni) June 7, 2024
Minority Americans are losing ground under this administration.
…Meanwhile, the jobless rate for Black Americans rose to 6.1% from 5.6%. For Asian and Hispanic workers, respectively, it rose to 3.1% from 2.8%, and to 5% from 4.8%.
…Gould noted that the trend was slightly stronger for Black men, who saw their unemployment rate jump to 6.4% from 5.2%, versus an increase to 5.2% from 5% for their female counterparts. The economist attributed this increase to labor force volatility and pointed out that the number has pretty much risen back to its previous levels from earlier this year.
If you squint around the big numbers, the little things are looking kinda fugly. If you’re a president whose approval is already in the toilet as far as overall handling of the economy goes, and your formerly rock-solid minority base is starting to feel a little fractious, maybe you should refresh your pitch.
When blacks and Hispanics point out in multiple impromptu interviews that they don’t believe Biden’s done anything for their communities, a good part of what they’re talking about is jobs. The underlying data in today’s report proves it’s not just a feeling.
And whatever this argle-bargle means here.
…“We obviously need to watch out for what’s happening with historically marginalized groups to make sure that the recovery gets experienced,” said Elise Gould, senior economist at the Economic Policy Institute.
WHATEVER
These numbers are a walking Trump ad. It was only five years ago, as much as the media tries to bury it, that the same media was putting out pieces with headlines like this:
There have never been more Black and Hispanic Americans in the workforce, Friday’s Labor Department job report showed.
The jobless rate for Hispanics hit a record low of 3.9% in September, while African Americans maintained its lowest rate ever, 5.5%.
…“The best numbers that we’ve ever had: African American, Hispanic American, Asian American, Women, everything. We have the best numbers that we’ve had in many, many, many decades, ” President Donald Trump told reporters on Friday.
…“We have the best economy we’ve ever had, we have the best jobs numbers in 51 years, the best unemployment numbers that we’ve had in a half a century,” Trump added. “People are working, they’re making money.”
Here's the part of the May jobs report that shows a slowing economy.
4% unemployment rate
-250,000 in the labor force
-408,000 people employed
Labor Force Participation Rate falls to 62.5%This is a different story than the strong job gains. Fed (and everyone else) will need… pic.twitter.com/gUF9YhGevj
— Heather Long (@byHeatherLong) June 7, 2024
So, unemployment is up and the labor force is down. How is that possible with 272,000 new jobs? That is because the stat only covers how many new jobs are created and does not take into account how many jobs were lost.
And where did all of those new jobs go?
There was a loss of
https://twitter.com/JesseKellyDC/status/1799144297545048298?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1799147444837744687%7Ctwgr%5E5a8602609104675c5502836a97ca6022a07fff27%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fhotair.com%2Ftree-hugging-sister%2F2024%2F06%2F07%2Fbidenomics-update-immigrant-jobs-up-american-jobs-down-office-space-empty-sall-good-n3789842
There was a job loss to Americans of 663,000 jobs and a gain of 414,000 jobs to foreign born workers, both legal and illegal. That should really piss you off. And they don’t even tell you about how vacant office space has skyrocketed:
JUST IN: The US office vacancy rate hits a fresh record high of 19%, surpassing levels seen in both 2008 and 2020.
In other words, roughly 1 out of every 5 offices in the US is currently vacant.
~$1.7 trillion of commercial real estate debt is projected to mature from 2024 to… pic.twitter.com/rcnAweIli2
— The Kobeissi Letter (@KobeissiLetter) June 7, 2024
Is this why you are voting for Biden? I guess he is right, you are stupid.
