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Fri Aug 5, 2022, 08:40 AM

Employers added 528,000 jobs in July, as the hot labor market powers on

Source: Washington Post

The hot labor market continued to show rapid growth in July, with employers adding 528,000 jobs, despite fears of a recession.

The unemployment rate edged down to 3.5 percent, according to the Bureau of Labor Statistics. In July, the labor market continued to show stunning growth that afforded workers historic wage gains and more leverage at their jobs.
Share with The Post: What's one way you've felt the impact of inflation?

The labor market has shown little signs of cooling off, proving to be a pillar of strength for an economy facing strong head winds. Other indicators, especially inflation at 40-year highs and six months of negative economic growth paint a less rosy picture. The financial markets have lost trillions of dollars in value this year, and one measure of consumer sentiment hit a record low in June.

A slowdown in job growth would have indicated that the Fed's interest rate hikes are achieving their intended goal of cooling down the labor market. As the Fed continues to raise rates, and borrowing becomes more expensive for households and companies, workers will probably have less leverage in the job market than they did earlier this year. Also, higher interest rates could lead to a wave layoffs.

Read more: https://www.washingtonpost.com/business/2022/08/05/jobs-report-july-2022/



No paywall link

This was definitely a surprise.

Stand by for DU's economy analysts to offer the deep data dives!

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Reply Employers added 528,000 jobs in July, as the hot labor market powers on (Original post)
BumRushDaShow Friday OP
IronLionZion Friday #1
progree Friday #2
IronLionZion Friday #3
BumRushDaShow Friday #5
IronLionZion Friday #12
BumRushDaShow Friday #15
progree Friday #43
BumRushDaShow Friday #44
progree Friday #8
Samrob Sunday #63
Meadowoak Friday #4
Calista241 Friday #42
Itchinjim Friday #6
Johnny2X2X Friday #7
progree Friday #16
doc03 Friday #9
IronLionZion Friday #13
progree Friday #24
doc03 Friday #29
mahatmakanejeeves Friday #10
JohnSJ Friday #11
doc03 Friday #17
BumRushDaShow Friday #19
PatSeg Friday #22
PatSeg Friday #21
BootinUp Friday #14
doc03 Friday #18
mahatmakanejeeves Friday #20
mathematic Friday #23
BootinUp Friday #26
BumRushDaShow Friday #32
JohnSJ Friday #30
BootinUp Friday #25
BumRushDaShow Friday #37
Bengus81 Friday #27
BumRushDaShow Friday #28
mahatmakanejeeves Friday #31
mahatmakanejeeves Friday #33
BumRushDaShow Friday #34
progree Friday #35
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Yavin4 Friday #38
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nowforever Friday #40
BumRushDaShow Friday #41
BootinUp Friday #45
progree Friday #47
BootinUp Friday #48
BumRushDaShow Friday #50
progree Friday #57
BumRushDaShow Friday #58
progree Friday #59
BumRushDaShow Friday #60
progree Friday #46
BumRushDaShow Friday #53
mathematic Friday #55
progree Saturday #62
mahatmakanejeeves Friday #49
NickB79 Friday #51
mahatmakanejeeves Friday #52
progree Friday #56
llmart Friday #54
Slammer Friday #61

Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 08:41 AM

1. Thanks a lot Biden, worst unemployment in half a century

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Response to IronLionZion (Reply #1)

Fri Aug 5, 2022, 08:42 AM

2. Links to some BLS Data Series Numbers and Graphs

Every one of these data series comes with a table and graph.

# Nonfarm Employment (Establishment Survey, https://data.bls.gov/timeseries/CES0000000001
Monthly changes (in thousands): https://data.bls.gov/timeseries/CES0000000001?output_view=net_1mth
   NOT SEASONALLY ADJUSTED: https://data.bls.gov/timeseries/CEU0000000001

# Employed in thousands from the separate Household Survey, http://data.bls.gov/timeseries/LNS12000000
Monthly changes (in thousands): http://data.bls.gov/timeseries/LNS12000000?output_view=net_1mth
   NOT SEASONALLY ADJUSTED: https://data.bls.gov/timeseries/LNU02000000

# Nonfarm PRIVATE Employment (Establishment Survey, https://data.bls.gov/timeseries/CES0500000001
Monthly changes: https://data.bls.gov/timeseries/CES0500000001?output_view=net_1mth
    ^-Good for comparison to the ADP report that typically comes out a few days earlier
NOT SEASONALLY ADJUSTED: https://data.bls.gov/timeseries/CEU0500000001

# INFLATION ADJUSTED Weekly Earnings of Production and Non-Supervisory Workers http://data.bls.gov/timeseries/CES0500000031

# Labor Force http://data.bls.gov/timeseries/LNS11000000?output_view=net_1mth
The labor force is the sum of employed and unemployed. To count as unemployed, one must have actively sought work in the past 4 weeks (just looking at want ads and job postings doesn't count)

# ETPR (Employment-To-Population Ratio) aka Employment Rate http://data.bls.gov/timeseries/LNS12300000

# LFPR (Labor Force Participation rate) http://data.bls.gov/timeseries/LNS11300000

Unemployed, Unemployment Rate
# Unemployed http://data.bls.gov/timeseries/LNS13000000
# Unemployment rate http://data.bls.gov/timeseries/LNS14000000
    # Black unemployment rate (%), https://data.bls.gov/timeseries/LNS14000006
    # Hispanic or Latino unemployment rate (%), https://data.bls.gov/timeseries/LNS14000009
    # White unemployment rate (%), https://data.bls.gov/timeseries/LNS14000003
# U-6 unemployment rate http://data.bls.gov/timeseries/LNS13327709
------------ end unemployed, unemployment rates --------

# NILF -- Not in Labor Forcehttp://data.bls.gov/timeseries/LNS15000000

# NILF-WJ -- Not in Labor Force, Wants Job http://data.bls.gov/timeseries/LNS15026639

# Part-Time Workers who want Full-Time Jobs (Table A-8's Part-Time For Economic Reasons) http://data.bls.gov/timeseries/LNS12032194

# Part-Time Workers (Table A-9) http://data.bls.gov/timeseries/LNS12600000

# Full-Time Workers (Table A-9) http://data.bls.gov/timeseries/LNS12500000

# Multiple Jobholders as a Percent of Employed (Table A-9) https://data.bls.gov/timeseries/LNS12026620

# Civilian non-institutional population
Seasonally adjusted (they seem to have gotten rid of this) https://data.bls.gov/timeseries/LNS10000000
NOT seasonally adjusted: https://data.bls.gov/timeseries/LNU00000000


LFPR - Labor Force Participation Rate for some age groups
The LFPR is the Employed + jobless people who have looked for work in the last 4 weeks (and say they want a job and are able to take one if offered). All divided by the civilian non-institutional population age 16+.
SA means Seasonally adjusted. NSA means Not Seasonally Adjusted
16+: SA: http://data.bls.gov/timeseries/LNS11300000 NSA: http://data.bls.gov/timeseries/LNU01300000
25-34: SA: http://data.bls.gov/timeseries/LNS11300089 NSA: http://data.bls.gov/timeseries/LNU01300089
25-54: SA: http://data.bls.gov/timeseries/LNS11300060 NSA: http://data.bls.gov/timeseries/LNU01300060
55-64: -------------------- NSA: https://data.bls.gov/timeseries/LNU01300095
55+: SA: http://data.bls.gov/timeseries/LNS11324230 NSA: http://data.bls.gov/timeseries/LNU01324230
65+: SA: ---------------- NSA: http://data.bls.gov/timeseries/LNU01300097

LFPR - Labor Force Particpation Rate (prime age 25-54) by gender
All: http://data.bls.gov/timeseries/LNS11300060
Men: http://data.bls.gov/timeseries/LNS11300061
Women: http://data.bls.gov/timeseries/LNS11300062

ETPR - Employment to Population Ratio for some age groups
SA means Seasonally adjusted. NSA means Not Seasonally Adjusted
16+: SA: http://data.bls.gov/timeseries/LNS12300000 NSA: http://data.bls.gov/timeseries/LNU02300000
25-34: http://data.bls.gov/timeseries/LNS12300089 NSA: http://data.bls.gov/timeseries/LNU02300089
25-54: SA: http://data.bls.gov/timeseries/LNS12300060 NSA: http://data.bls.gov/timeseries/LNU02300060
55-64: SA: ---------------- NSA: https://data.bls.gov/timeseries/LNU02300095
55+: SA: http://data.bls.gov/timeseries/LNS12324230 NSA: http://data.bls.gov/timeseries/LNU02324230
65+: SA: ---------------- NSA: http://data.bls.gov/timeseries/LNU02300097

Inflation rate (CPI)
. . . Monthly report: https://www.bls.gov/news.release/cpi.nr0.htm
. . . The Data Series: https://data.bls.gov/timeseries/CUSR0000SA0
. . . . . . Monthly changes: https://data.bls.gov/timeseries/CUSR0000SA0?output_view=pct_1mth
. . . Calculator at: https://www.bls.gov/data/inflation_calculator.htm

Grocery prices (food at home) inflation compared to overall inflation rate
. . . . . https://www.in2013dollars.com/Food-at-home/price-inflation
. . . From 1947 to 2021 and from 2000 to 2021, food at home inflation very slightly lagged the overall inflation rate
. . . . . https://www.democraticunderground.com/10142735789

Data series finder: https://www.bls.gov/data/#employment

The entire report: http://www.bls.gov/news.release/pdf/empsit.pdf

Archives of previous reports - The monthly payroll employment reports from the BLS are archived at Archived News Releases (https://www.bls.gov/bls/news-release/ ). In the list up at the top, under Major Economic Indicators, select Employment Situation ( https://www.bls.gov/bls/news-release/empsit.htm ). That opens up links to reports going back to 1994. Hat tip Mahatmakanejeeves.

Edit: Oops , meant to post as response to OP, but its OK here I think

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Response to progree (Reply #2)

Fri Aug 5, 2022, 08:43 AM

3. Did you mean to respond to my post?

Or the OP

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Response to IronLionZion (Reply #3)

Fri Aug 5, 2022, 08:44 AM

5. Oh go ahead and accept the data!

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Response to BumRushDaShow (Reply #5)

Fri Aug 5, 2022, 08:53 AM

12. I accept!

I love it when people give me data

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Response to IronLionZion (Reply #12)

Fri Aug 5, 2022, 08:57 AM

15. ....



Especially if it's a great data source!!! And for free too!!

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Response to BumRushDaShow (Reply #15)

Fri Aug 5, 2022, 02:05 PM

43. Thanks! 😊😊😊 /nt

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Response to progree (Reply #43)

Fri Aug 5, 2022, 02:24 PM

44. ...

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Response to IronLionZion (Reply #3)

Fri Aug 5, 2022, 08:48 AM

8. The OP. I threw a quick "edited to add" at the bottom a minute later explaining my mistake. I'm

Last edited Fri Aug 5, 2022, 09:53 AM - Edit history (1)

sorry about that.

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Response to progree (Reply #2)

Sun Aug 7, 2022, 12:12 AM

63. I see "Hiring Now" signs all over the place in Montgomery County, MD nt

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 08:43 AM

4. But, but but what about the recession???????!!?11?

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Response to Meadowoak (Reply #4)

Fri Aug 5, 2022, 01:56 PM

42. it's more nuanced than that. With the job market like this, inflation is likely not receding.

While I want everyone who wants a job to have a job, and a well paying job at that, full employment like this is going to contribute to higher prices and inflation.

The fed will most likely be raising rates in August as planned, and again in September and October at this rate. The more they have to raise rates, the more likely we'll tip over into recession.

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 08:45 AM

6. Holy shit! Them's some good numbers.

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 08:48 AM

7. 3.5% is the all time record low!

This is a blowout jobs report. Just an amazing job by Joe.

Also, the jobs market fully recovered from Covid, over 600K more people have jobs now than before Covid.

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Response to Johnny2X2X (Reply #7)

Fri Aug 5, 2022, 08:57 AM

16. Sorry, not the record low

http://data.bls.gov/timeseries/LNS14000000

It looks like the lowest since May 1969 (>53 years). More recently, there are 3 ties, 3.5%, in Sept 2019 and Jan and Feb 2020.

The lowest is 2.5% in 1953.

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 08:50 AM

9. Wasn't 3.5% unemployment touted by the "librull media" as the

lowest unemployment rate in decades or ever when TFG was president? The media turned on Biden about a year ago when we had the hottest growing economy in history.

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Response to doc03 (Reply #9)

Fri Aug 5, 2022, 08:55 AM

13. Low is bad, right?

Let's get those unemployment numbers up to Trump 2020 levels

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Response to doc03 (Reply #9)

Fri Aug 5, 2022, 09:09 AM

24. At the time, Slobfather's 3.5% was the lowest unemployment rate since May 1969 when it was 3.4%

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Response to progree (Reply #24)

Fri Aug 5, 2022, 09:15 AM

29. But now it is "are we in a recession"? nt

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 08:51 AM

10. Links to earlier reports:

Fri Aug 5, 2022: Links to earlier reports (this one):

Wed Aug 3, 2022: ADP has suspended its report until September.

Fri Jul 8, 2022: Links to earlier reports:

Wed Jul 6, 2022: ADP has suspended its report until September.

Fri Jun 3, 2022: Links to earlier reports:

Wed Jun 1, 2022: Links to earlier reports:

Fri May 6, 2022: Links to earlier reports

Wed May 4, 2022: Links to earlier reports:

Fri Apr 1, 2022: Links to earlier reports:

Wed Mar 30, 2022: Links to earlier reports:

Fri Mar 4, 2022: Links to earlier reports:

Wed Mar 2, 2022: Links to earlier reports:

Fri Feb 4, 2022: Links to earlier reports:

Wed Feb 2, 2022: Links to earlier reports:

Wed Jan 12, 2022: Links to earlier reports:

Wed Jan 5, 2022: Links to earlier reports:

Sat Dec 4, 2021: Links to earlier reports:

Wed Dec 1, 2021: Links to additional earlier reports:

Fri Nov 5, 2021: (I had to split the links into two posts, due to "Forbidden 403" issues)

Links to earlier reports:

Links to additional earlier reports:

Wed Nov 3, 2021: Links to earlier reports:

Fri Oct 8, 2021: Links to earlier reports:

Wed Oct 6, 2021: Links to earlier reports:

Fri Sep 3, 2021: Links to earlier reports:

Thu Sep 2, 2021 (in the Friday, August 6, BLS thread): Links to earlier reports:

Wed Aug 4, 2021: Links to earlier reports:

-- -- -- -- -- --

[center]Past Performance is Not a Guarantee of Future Results.[/center]

Bureau of Labor Statistics, for employment in July 2022 (this one):

Employers added 528,000 jobs in July, as the hot labor market powers on

ADP[sup]®[/sup] (Automatic Data Processing), for employment in July 2022:

ADP has suspended its report until September.

Bureau of Labor Statistics, for employment in June 2022:

June jobs report: Payrolls rise by 372,000 as unemployment holds at 3.6%

ADP[sup]®[/sup] (Automatic Data Processing), for employment in June 2022:

ADP has suspended its report until September.

Bureau of Labor Statistics, for employment in May 2022:

May jobs report: Payrolls rise by 390,000 as unemployment holds at 3.6%

ADP[sup]®[/sup] (Automatic Data Processing), for employment in May 2022:

U.S. Treasury yields fall as data show slowest job growth in pandemic recovery

Bureau of Labor Statistics, for employment in April 2022:

April jobs report: Payrolls rise by 428,000 as unemployment rate holds at 3.6%

[ADP[sup]®[/sup] (Automatic Data Processing), for employment in April 2022:

U.S. Companies Added 247,000 Jobs in April, ADP Data Show

Bureau of Labor Statistics, for employment in March 2022:

U.S. economy adds 431,000 jobs in March

ADP[sup]®[/sup] (Automatic Data Processing), for employment in March 2022:

Private payrolls rose by 455,000 in March, topping expectations: ADP

Bureau of Labor Statistics, for employment in February 2022:

February jobs report: Payrolls rise by 678,000 as unemployment rate falls to 3.8%

ADP[sup]®[/sup] (Automatic Data Processing), for employment in February 2022:

Private payrolls rose by 475,000 in February, topping expectations: ADP

Bureau of Labor Statistics, for employment in January 2022:

January jobs report: Payrolls jump by 467,000 as unemployment rate rises to 4.0%

ADP[sup]®[/sup] (Automatic Data Processing), for employment in January 2022:

Companies unexpectedly cut 301,000 jobs in January as omicron slams jobs market, ADP says

Bureau of Labor Statistics, for employment in December 2021:

December jobs report: Payrolls rise by 199,000 as unemployment rate falls to 3.9%

ADP[sup]®[/sup] (Automatic Data Processing), for employment in December 2021:

December private payrolls rose by 807,000, far exceeding expectations: ADP

Bureau of Labor Statistics, for employment in November 2021:

U.S. economy adds just 210,000 jobs in November

ADP[sup]®[/sup] (Automatic Data Processing), for employment in November 2021:

November private payrolls rose by 534,000 topping expectations: ADP

Nonetheless, what is important is not this month's results, but the trend. Let’s look at some earlier numbers:

ADP[sup]®[/sup] (Automatic Data Processing), for employment in November 2021:

November private payrolls rose by 534,000 topping expectations: ADP

Bureau of Labor Statistics, for employment in October 2021:

October jobs report: Payrolls grew by 531,000 as unemployment rate fell to 4.6%

ADP[sup]®[/sup] (Automatic Data Processing), for employment in October 2021:

October private payrolls rose by 571,000, topping expectations: ADP

Bureau of Labor Statistics, for employment in September 2021:

Yahoo Finance September jobs report: Economy adds back disappointing 194,000 jobs, unemployment rate

ADP[sup]®[/sup] (Automatic Data Processing), for employment in September 2021

September private payrolls rose by 568,000, topping estimates: ADP

Bureau of Labor Statistics, for employment in August 2021:

August jobs report: Payrolls rise by disappointing 235,000 while unemployment rate falls to 5.2%

ADP[sup]®[/sup] (Automatic Data Processing), for employment in August 2021:

August private payrolls rose by 374,000, missing estimates: ADP

Bureau of Labor Statistics, for employment in July 2021:

July jobs report: Economy adds back 943,000 payrolls, unemployment rate falls to 5.4%

ADP[sup]®[/sup] (Automatic Data Processing), for employment in July 2021:

Private payrolls rose by 330,000 in July, missing estimates: ADP

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 08:51 AM

11. and gasoline prices dropping to over a dollar, will lower inflation

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Response to JohnSJ (Reply #11)

Fri Aug 5, 2022, 08:59 AM

17. The guy down the road that had a life size Joe Biden

cutout pointing to a gas pump saying "I did that" took down his display last week.

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Response to doc03 (Reply #17)

Fri Aug 5, 2022, 09:04 AM

19. LOL



I suppose the stickers on the pumps are going tro be harder to "remove".

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Response to BumRushDaShow (Reply #19)

Fri Aug 5, 2022, 09:07 AM

22. Ha, ha, ha!!!

Unintended consequences!

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Response to doc03 (Reply #17)

Fri Aug 5, 2022, 09:06 AM

21. That is so cool!

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 08:56 AM

14. Payroll levels have returned to pre-COVID levels!


?s=20&t=rW3TatoPrlyVsMgAdvAG2A

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 09:03 AM

18. There are still help wanted signs on about every

business. The Republicans are still blaming that on stimulus money.

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 09:06 AM

20. From the source:

Payroll employment rises by 528,000 in July; unemployment rate edges down to 3.5%

Economic News Release USDL-22-1585

Employment Situation Summary
Transmission of material in this news release is embargoed until 8:30 a.m. (ET) Friday, August 5, 2022

Technical information:
Household data: (202) 691-6378 * [email protected] * www.bls.gov/cps
Establishment data: (202) 691-6555 * [email protected] * www.bls.gov/ces

Media contact: (202) 691-5902 * [email protected]


THE EMPLOYMENT SITUATION -- JULY 2022


Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels.

This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note.

Household Survey Data

In July, the unemployment rate edged down to 3.5 percent, and the number of unemployed persons edged down to 5.7 million. These measures have returned to their levels in February 2020, prior to the coronavirus (COVID-19) pandemic. (See table A-1.)

Among the major worker groups, the unemployment rates for adult women (3.1 percent) and Whites (3.1 percent) declined in July. The jobless rates for adult men (3.2 percent), teenagers (11.5 percent), Blacks (6.0 percent), Asians (2.6 percent), and Hispanics (3.9 percent) showed little change over the month. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of permanent job losers, at 1.2 million in July, continued to trend down over the month and is 129,000 lower than in February 2020. The number of persons on temporary layoff, at 791,000 in July, changed little from the prior month and has essentially returned to its pre-pandemic level. (See table A-11.)

The number of long-term unemployed (those jobless for 27 weeks or more) decreased by 269,000 in July to 1.1 million. This measure has returned to its February 2020 level. The long-term unemployed accounted for 18.9 percent of the total unemployed in July. (See table A-12.)

The labor force participation rate, at 62.1 percent, and the employment-population ratio, at 60.0 percent, were little changed over the month. Both measures remain below their February 2020 values (63.4 percent and 61.2 percent, respectively). (See table A-1.)

The number of persons employed part time for economic reasons increased by 303,000 to 3.9 million in July. This rise reflected an increase in the number of persons whose hours were cut due to slack work or business conditions. The number of persons employed part time for economic reasons is below its February 2020 level of 4.4 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.)

The number of persons not in the labor force who currently want a job was 5.9 million in July, little changed over the month. This measure is above its February 2020 level of 5.0 million. 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. (See table A-1.)

Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force, at 1.5 million, was about unchanged in July. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. Discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, numbered 424,000 in July, little changed from the prior month. (See Summary table A.)

Household Survey Supplemental Data

In July, 7.1 percent of employed persons teleworked because of the coronavirus pandemic, unchanged from the prior month. These data refer to employed persons who teleworked or worked at home for pay at some point in the 4 weeks preceding the survey specifically because of the pandemic.

In July, 2.2 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic--that is, they did not work at all or worked fewer hours at some point in the 4 weeks preceding the survey due to the pandemic. This measure is little changed from the previous month. Among those who reported in July that they were unable to work because of pandemic-related closures or lost business, 25.0 percent received at least some pay from their employer for the hours not worked, little different from the previous month.

Among those not in the labor force in July, 548,000 persons were prevented from looking for work due to the pandemic, little changed from the prior month. (To be counted as unemployed, by definition, individuals must be either actively looking for work or on temporary layoff.)

These supplemental data come from questions added to the household survey beginning in May 2020 to help gauge the effects of the pandemic on the labor market. The data are not seasonally adjusted. Tables with estimates from the supplemental questions for all months are available online at www.bls.gov/cps/effects-of-the-coronavirus-covid-19-pandemic.htm.

Establishment Survey Data

Total nonfarm payroll employment rose by 528,000 in July, larger than the average monthly gain over the prior 4 months (+388,000). Job growth was widespread in July, led by gains in leisure and hospitality, professional and business services, and health care. (See table B-1.)

Total nonfarm employment has increased by 22.0 million since reaching a low in April 2020 and has returned to its pre-pandemic level. Private-sector employment is 629,000 higher than in February 2020, although several sectors have yet to recover. Government employment is 597,000 lower than its pre-pandemic level.

In July, leisure and hospitality added 96,000 jobs, as growth continued in food services and drinking places (+74,000). However, employment in leisure and hospitality is below its February 2020 level by 1.2 million, or 7.1 percent.

Employment in professional and business services continued to grow, with an increase of 89,000 in July. Job growth was widespread within the industry, including gains in management of companies and enterprises (+13,000), architectural and engineering services (+13,000), management and technical consulting services (+12,000), and scientific research and development services (+10,000). Employment in professional and business services is 986,000 higher than in February 2020.

Employment in health care rose by 70,000 in July. Job gains occurred in ambulatory health care services (+47,000), hospitals (+13,000), and nursing and residential care facilities (+9,000). Employment in health care overall is below its February 2020 level by 78,000, or 0.5 percent.

Employment in government rose by 57,000 in July but is below its February 2020 level by 597,000, or 2.6 percent. Over the month, employment increased by 37,000 in local government, mostly in education (+27,000). Employment in local government is below its February 2020 level by 555,000, or 3.8 percent, with the losses split between the education and non-education components.

Employment in construction increased by 32,000 in July, as specialty trade contractors added 22,000 jobs. Construction employment is 82,000 higher than in February 2020.

Manufacturing employment increased by 30,000 in July. Employment in durable goods industries rose by 21,000, with job gains in semiconductors and electronic components (+4,000) and miscellaneous durable goods manufacturing (+4,000). Employment in manufacturing is 41,000 above its February 2020 level.

In July, social assistance added 27,000 jobs, including a gain of 19,000 in individual and family services. Since February 2020, employment in social assistance is down by 53,000, or 1.2 percent.

Employment in retail trade increased by 22,000 in July, although it has shown no net change since March. In July, job gains occurred in food and beverage stores (+9,000) and general merchandise stores (+8,000). Retail trade employment is 208,000 above its level in February 2020.

In July, transportation and warehousing added 21,000 jobs. Employment rose in air transportation (+7,000) and support activities for transportation (+6,000). Employment in transportation and warehousing is 745,000 above its February 2020 level.

Information employment continued its upward trend in July (+13,000) and is 117,000 higher than in February 2020.

Employment in financial activities continued to trend up in July (+13,000). Employment in the industry is 95,000 above its level in February 2020.

Employment in mining rose by 7,000 in July, with gains in support activities for mining (+4,000) and oil and gas extraction (+2,000). Mining employment is 96,000 above a recent low in February 2021.

Employment showed little change over the month in wholesale trade and in other services.

In July, average hourly earnings for all employees on private nonfarm payrolls rose by 15 cents, or 0.5 percent, to $32.27. Over the past 12 months, average hourly earnings have increased by 5.2 percent. In July, average hourly earnings of private-sector production and nonsupervisory employees rose by 11 cents, or 0.4 percent, to $27.57. (See tables B-3 and B-8.)

In July, the average workweek for all employees on private nonfarm payrolls was 34.6 hours for the fifth month in a row. In manufacturing, the average workweek for all employees held at 40.4 hours, and overtime increased by 0.1 hour to 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained unchanged at 34.0 hours. (See tables B-2 and B-7.)

The change in total nonfarm payroll employment for May was revised up by 2,000, from +384,000 to +386,000, and the change for June was revised up by 26,000, from +372,000 to +398,000. With these revisions, employment in May and June combined is 28,000 higher 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.)

_____________
The Employment Situation for August is scheduled to be released on Friday, September 2, 2022, at 8:30 a.m. (ET).

{snip}

* * * * *

[center]Facilities for Sensory Impaired[/center]

Information from these releases will be made available to sensory impaired individuals upon request. Voice phone: 202-691-5200, Federal Relay Services: 1-800-877-8339.

-- -- -- -- -- --

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 09:09 AM

23. Where are the half-baked twitter pundits and grandstanding politicians now?

This was an amazingly strong report. 528k jobs and 3.5% unemployment!

What can we conclude here:
1. The 2 quarter GDP rule of thumb is not the definition of a recession.
2. The Fed has not endangered the economy, causing millions to be unemployed, by raising rates to 2.5%
3. Biden was not engaged in Minitrue levels of distortion and propaganda

In fact, I expect all the twitter pundits, grandstanding politicians, and disgruntled internet message board posters to downplay this jobs report, insist they never said we were in an actual recession ("just a technical recession, bro" ), and move the goalposts furiously.

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Response to mathematic (Reply #23)

Fri Aug 5, 2022, 09:11 AM

26. we need a GIF of furiously moving goalposts. lol

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Response to BootinUp (Reply #26)

Fri Aug 5, 2022, 09:20 AM

32. I have seen a few postd on DU but this one is a good alternative

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Response to mathematic (Reply #23)

Fri Aug 5, 2022, 09:15 AM

30. It was just last week the so-called financial experts were saying we were in a recession

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 09:10 AM

25. This time is different

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Response to BootinUp (Reply #25)

Fri Aug 5, 2022, 10:27 AM

37. The other indicator that is "different"

and this is a major one - the dollar, which is not suddenly "worthless". I.e.,

August 3, 2022
8:17 AM EDT
Last Updated 2 days ago

Gold expected to be contained by interest rates and strong dollar


By Ashitha Shivaprasad and Peter Hobson


Aug 3 (Reuters) - Gold will average $1,745 an ounce in 2023, slightly below current prices, as high interest rates and a strong dollar reduce its appeal, a Reuters poll showed on Wednesday.

The gold price has fallen to about $1,770 an ounce from a high of $2,069.89 in March as the U.S. Federal Reserve and other central banks increased interest rates rapidly in an effort to tame inflation. read more

The higher rates have turned real yields on U.S. 10-year treasuries positive in April for the first time in two years, making non-yielding gold less attractive.

They have also boosted the U.S. dollar to 20-year highs, making dollar-priced gold more expensive for buyers with other currencies. The stronger dollar also attracts money from investors seeking a safe store of value, who might otherwise invest in gold.

(snip)

https://www.reuters.com/markets/commodities/gold-expected-be-contained-by-interest-rates-strong-dollar-2022-08-03/

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 09:13 AM

27. No doubt Republicans telling their Corporate buddies to STOP HIRING DAMMIT!!

Wait until Jan 2023 you dumb asses!!

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 09:15 AM

28. Marketwatch

Jobs shocker: U.S. adds 528,000 jobs in July and unemployment falls to pre-pandemic levels

Last Updated: Aug. 5, 2022 at 8:59 a.m. ET
First Published: Aug. 5, 2022 at 8:12 a.m. ET

By Jeffry Bartash




The numbers The U.S. added a surprisingly strong 528,000 new jobs in July and the unemployment rate fell to pre-pandemic levels in a muscle-flexing display for the economy, but the robust report could add to inflation worries and push interest rates even higher. Economists polled by The Wall Street Journal had forecast 258,000 new jobs. Hiring was broad based. Every major sector increased employment. And the number of people working finally returned to February 2020 levels.

The unemployment rate, meanwhile, slipped to 3.5% from 3.6%, the government said Friday, matching the lowest level since the late 1960s. In premarket action, U.S. stocks turned lower. The large increase in hiring contradicts another key government report that suggests the U.S. teeters on recession, but it won’t be viewed in a positive light by the Federal Reserve.

The Fed is sharply raising U.S. interest rates to try to reverse the worst outbreak of inflation in almost 41 years. Higher rates slow the economy by raising the cost of borrowing for businesses and consumers. The shockingly robust July jobs report could persuade the Fed that even tougher medicine is needed. The central bank worries the tight labor market is driving wages sharply higher and making it harder to get inflation under control.

Although some businesses have cut back on hiring or even resorted to layoffs, many companies are still filling open jobs. Most are offering higher pay for new workers or raising wages for current employees to keep them from leaving. Hourly pay jumped 0.5% in July to $32.27. The increase in pay over the past year was flat at 5.2%, but it’s still one of the fastest increase since the early 1980s.

(snip)

https://www.marketwatch.com/story/coming-up-u-s-jobs-report-for-july-11659701564?mod=bnbh

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 09:16 AM

31. Additional links:

Copied from:

Sat Nov 7, 2020: Additional links:

It used to be that you could get free access to articles in The Wall Street Journal. by going in through TWSJ.'s Twitter account or the Twitter accounts of the authors:

How to get around the paywall to read articles in The Wall Street Journal.:

For free access to articles in The Wall Street Journal., trying going in through the authors' Twitter feeds:

This trick doesn't seem to work anymore, but you might be able to get in if they've slipped up. Here are those accounts:

* * * * *

The Wall Street Journal.: @WSJ
https://twitter.com/wsj

Wall Street Journal

Breaking news and features from the WSJ.

* * * * *

Ben Leubsdorf: @BenLeubsdorf
https://twitter.com/BenLeubsdorf

I cover the economy at @WSJ. @ConMonitorNews, @AP, @the_herald alum. DC native. Hyperactive news omnivore. Also I like burritos. [email protected]

* * * * *

Josh Zumbrun: ‎@JoshZumbrun
https://twitter.com/JoshZumbrun

National economics correspondent for the Wall Street Journal. Covering the world's usual state of greed and disorder, confusion and apathy. [email protected]

* * * * *

Nick Timiraos: @NickTimiraos
https://twitter.com/NickTimiraos

National economics correspondent, The Wall Street Journal

Please look at the tweets, as Nick Timiraos likes to slice and dice the data every which way. Also, link to the "11 charts " article from his Twitter feed to get past TWSJ.'s paywall.

* * * * *

Jeffrey Sparshott: @jeffsparshott
https://twitter.com/jeffsparshott

[email protected]

* * * * *

Paul Vigna: @paulvigna
https://twitter.com/paulvigna
Markets, bitcoin, and the zombie apocalypse.

* * * * *

Eric Morath: @EricMorath
https://twitter.com/EricMorath

[email protected]
I'm a Wall Street Journal economy reporter, dad, husband and Spartan for life. [email protected]

Washington DC

blogs.wsj.com/economics/

* * * * *

Sarah Chaney: ‎@sechaney
https://twitter.com/sechaney

Economy Reporter at The Wall Street Journal. Tar Heel. [email protected]

* * * * *

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 09:23 AM

33. Links to charts and graphs from the BLS Twitter account:

Payroll employment rises by 528,000 in July; unemployment rate edges down to 3.5% http://go.usa.gov/vrK #JobsReport #BLSdata



See our interactive graphics on today’s #JobsReport http://go.usa.gov/cn5B4 #BLSdata #DataViz



Understanding BLS Unemployment Statistics #JobsReport #BLSdata



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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 09:30 AM

34. May/June revised upwards

per here - https://www.democraticunderground.com/?com=view_post&forum=1014&pid=2952018

The change in total nonfarm payroll employment for May was revised up by 2,000, from +384,000 to +386,000, and the change for June was revised up by 26,000, from +372,000 to +398,000. With these revisions, employment in May and June combined is 28,000 higher 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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Response to BumRushDaShow (Reply #34)

Fri Aug 5, 2022, 09:36 AM

35. Meaning there are 556,000 more jobs than were in the June report released 7/8.

528 + 2 + 26 = 556.

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Response to progree (Reply #35)

Fri Aug 5, 2022, 09:55 AM

36. Will have to see what happens next month

when they revise this!

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 10:57 AM

38. Another point here is that wages can grow and that doesn't kill jobs

Inflation is being driven by higher gas prices (See Putin. See America's dumb ass car dependent urban planning.), supply chain aftershocks from the pandemic, and good ole fashion corporate greed due to consolidation of industries.

But, the corporate owned media companies want to push out the narrative that it's the fast food workers getting $15 an hour driving up inflation which is total bullshit.

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Response to Yavin4 (Reply #38)

Fri Aug 5, 2022, 12:14 PM

39. I think we are getting it narrowed down to

corporate greed because these businesses get punished by the business media for not having excessive "profits" for the stockholders.

Walmart demand is down, but America’s warehouses are still filling up on inventory of goods

Published Tue, Jul 26 20223:16 PM EDTUpdated Wed, Jul 27 20229:44 AM EDT

Lori Ann LaRocco
@loriannlarocco



As major retailers Walmart and Target deal with waning demand from the consumer in some categories, warehouse capacity remains tight across the U.S. and inventories continue to pile up. Walmart’s announcement this week that it was cutting its quarterly and full-year profit guidance is the latest retail casualty, showing inflation’s impact on the consumer and a shift in spending patterns that can whipsaw even the largest retailers. The company said it had to cut prices at its stores to reduce excess inventory.

That followed Target’s slashed forecast for the second quarter last month, which it attributed to having too much merchandise, and particular categories, such as small appliances, that saw a drop in demand. The tight warehouse situation is not likely to change, according to Warehouse Quote’s latest Warehouse Pricing Index (WPI). U.S. national vacancy rates are around 3%, and in port markets, the availability of space is around sub-1%.

“It’s really incredible,” said Ben Hagedorn, CEO of Warehouse Quote in an interview that took place before Walmart’s announcement this week. “We’ve also seen a 20% year-over-year rate increase for warehouse space, so we are seeing significant inflation there. We are also reporting seven consecutive quarters of positive net absorption. Warehouse capacity for imports remains to be an issue across the U.S.”

Items being stored in warehouses, according to Hagedorn, are the typical seasonal items and durable goods like appliances. Hagedorn said the broader trends his firm is seeing inside the warehouse are a transition from the “just in time” to the “just in case” mentality among companies, and inventory-to-sales ratios “continuing to go up across industries.”

(snip)

https://www.cnbc.com/2022/07/26/the-bigger-warehouse-story-behind-the-walmart-consumer-demand-issues.html


The company said it had to cut prices at its stores to reduce excess inventory.


"Cut prices" means they are overcharging = "inflation" (of prices) and "excess inventory" means NO "supply chain" issues for those products. And this -

Warehouse capacity for imports remains to be an issue across the U.S.”


means they can't find enough warehouse space to store all of their supposed "supply chain issue" products.

Gotta keep "The Narrative®" going.

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 12:26 PM

40. Amazing now adding 534k jobs is a bad thing...seems big media theme

Because more jobs means more money people will spend and competition is making owners pay more for workers... and so demand goes up and supply cannot meet demand and so prices get higher and then Fed needs to raise rates to slow economy so prices don't go up. This narrative seems to be the talking point released by GOP and now is spun into a calamity of to much of a good thing is going to turn into a terrible thing. Meanwhile all the pundits were looking to jump on bad job numbers to exclaim the recession is here and inflation will kill everyone and everything. If Trump had produced these numbers they'd be throwing him a parade and we'd be hearing how fantastic this is and how nobody on earth but Trump could have made this happen. The bias is so flagrant, yet this is what happens when control of the government is your real agenda and even good news will be twisted into a fearful narrative. Greed and authoritarianism are one and the same...a few humans with money and power are the kind virus will will never tame.

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Response to nowforever (Reply #40)

Fri Aug 5, 2022, 12:50 PM

41. +1



A lot of pretzel twisting going on!

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 03:20 PM

45. New article by P. Krugman

But I can’t read it


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Response to BootinUp (Reply #45)

Fri Aug 5, 2022, 03:43 PM

47. A Not paywalled link

https://archive.ph/6bc0D

Shows graphs of gasoline prices, food commodity futures like wheat, and "the widely cited Institute of Supply Management survey of purchasing managers shows that prices paid for raw materials are still rising, but at a slower rate than they have in many months:"

All of this means that official data on consumer prices will almost certainly show much smaller increases over the next few months than the shocking numbers we’ve become accustomed to lately. But what will this improvement mean?

... When — I’m pretty sure that’s a “when,” not an “if” — official data also shows a sharp decline in inflation, my guess is that we’ll see denial supplemented by conspiracy theories: claims that the Biden administration is faking the numbers and/or somehow manipulating the commodity markets.

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Response to progree (Reply #47)

Fri Aug 5, 2022, 04:04 PM

48. TY. Good read.

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Response to progree (Reply #47)

Fri Aug 5, 2022, 04:16 PM

50. Graphs

(Gas prices)


(Futures price for wheat)


(PPI)

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Response to BumRushDaShow (Reply #50)

Fri Aug 5, 2022, 06:18 PM

57. Thanks 😊. Aug 10 (July's CPI report) will be very interesting. /nt

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Response to progree (Reply #57)

Fri Aug 5, 2022, 06:45 PM

58. You're welcome

and agree. Is this is an unusual blip or a "trend"!

Of course the "back to school" buying is about to get underway.

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Response to BumRushDaShow (Reply #58)

Fri Aug 5, 2022, 07:03 PM

59. The CPI numbers are seasonally adjusted, but that can get screwed up too!

Of course the "back to school" buying is about to get underway.


I'm not sure their seasonal adjustment accounts for things falling on different parts of the calendar - like a late or early Easter, or a Christmas that falls in the midweek vs. one that falls on the weekend of Friday/Monday, etc. I suppose the same thing happens with school starts and school let-outs.

Is this is an unusual blip or a "trend"!


The pundits (and IMF) are saying the world economy is slowing down and that's a large part of the reason for easing oil and other commodity prices ...

I suppose they'll have to chew on this slowing world economy some more at least as far as the U.S. part of it, given the +528,000 jobs

I had a dream during my nap. I was talking the job numbers with someone, and someone else who didn't hear all the conversation, said wow! Stocks up 528! Great!

And I explained, no, it's 528,000, not 528!

To which he said, stocks up 528,000! That's super!

To which I tried explaining that, no, we're talking new jobs, not stocks ...

but in the dream it was even more complicated than this and I never succeeded (before I woke up) in getting across that jobs increased 528,000

I think this stuff is getting to me

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Response to progree (Reply #59)

Fri Aug 5, 2022, 07:33 PM

60. Well colleges start much sooner

so they have the "back to the dorm" sales with the sheets/comforters, desk lamps, of course the tech (laptops), etc. Then you have the rest of the schools usually starting that last week of August or first week of September after Labor Day. I already heard some business reports along the lines of parents "averaging" about $200 per child for these items (including clothes/shoes and all the pens/pencils/binders/backpacks, etc).

And yeah, the rest of the world is in pretty rough shape - partly due to not being "energy independent" in the middle of this Russia/Ukraine war, and then the commodities that are best grown in certain parts of the world that are not only getting impacted by that war too, but by the weather.

We are very fortunate here were (outside of the obvious microchip issue, which really shouldn't be an issue), we can grow and raise pretty much anything in the world (including some very tropical stuff) as well as having access to our own energy sources.

And LOL @ that dream!!!

As they say, even when you sleep, your brain is still trying to process and file away stuff and that was a big data file that needed to be sorted and filed!

It's like that beer ad - "Tastes great! No, less filling!" but instead "That was the stocks! No, that was the jobs!"

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 03:34 PM

46. The next milestone is stopping the drop in real wages

Real (meaning inflation adjusted) Weekly Earnings of Production and Non-Supervisory Workers
http://data.bls.gov/timeseries/CES0500000031

This will be updated on Wednesday, August 10 830 AM ET when the CPI report comes out.

Nominal: Not inflation-adjusted:
http://data.bls.gov/timeseries/CES0500000030
This increased by 0.40% between June and July, so if the CPI comes in at higher than that, it will be a further drop in real wages. OTOH, the CPI could come in lower than that, given the drop in energy prices in the past 1 1/2 months or so. That would result in an upturn in real wages

See Paul Krugman Op-Ed in #47 on expected decreases in inflation: https://www.democraticunderground.com/?com=view_post&forum=1014&pid=2952210

One problem with both these series is that they don't adjust for the kinds of workers that are losing or gaining jobs --

From: https://www.piie.com/blogs/realtime-economic-issues-watch/us-wages-grew-fastest-pace-decades-2021-prices-grew-even-more
The BLS releases ECI statistics (Employment Cost Index), showing compensation, wage, and benefit growth over the prior three months, four times a year. The ECI shows changes in wages and benefits in a manner that fixes the composition of the workforce. This is important, particularly when there are large changes in employment, because these data are not subject to the same distortions as the monthly average hourly earnings series, which can artificially be increased when low-wage workers lose their jobs and drop out of the sample (as happened in 2020) or artificially be decreased when these same workers are hired back (as happened in 2021) [1].

By fixing workforce composition, the ECI provides a more accurate picture of what is actually happening to wages.


Unfortunately, that report showed a drop of constant dollar (meaning inflation-adjusted) ECI in June (the latest) of minus 3.6% compared to 12 months ago. (compensation: -3.6%, wages: -3.5%, benefits: -3.9%)

# http://www.bls.gov/news.release/eci.nr0.htm -- See table A, top 3 rows, far right column
# ECI website - https://www.bls.gov/ect/
# http://www.bls.gov/news.release/pdf/eci.pdf - lots of graphs

Another unfortunate, is that we won't see another update of this until late October.

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Response to progree (Reply #46)

Fri Aug 5, 2022, 04:38 PM

53. Let me throw this out there

Unfortunately, that report showed a drop of constant dollar (meaning inflation-adjusted) ECI in June (the latest) of minus 3.6% compared to 12 months ago. (compensation: -3.6%, wages: -3.5%, benefits: -3.9%)


Let me posit this - 12 months ago (or just a little over that going back to May 2021), that was when the "Throw off your masks, go hug your grandkids" exhortation came, with the vaccines being distributed, and people footloose and fancy free with the "economy open for business".

But meanwhile Delta was building to a crescendo at that point hitting a peak in the fall, only to be dwarfed by Omicron.

So given that 2021 was the first "lockdown free" year (but now had some vaccine mandates), you may have had that desperation thing going on to get people hired RIGHT AWAY with some much higher starting salaries being waved about (for certain sectors).

Now a year later, the market has shifted and settled a bit and I also think you had a lot of retirees too (who would have been making higher salaries than the younger set), their exit dropping the overall wagess/benefits down, year over year.

Just some speculation adding some underlying issues into the picture.

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Response to progree (Reply #46)

Fri Aug 5, 2022, 05:43 PM

55. Wage growth moves slower than CPI. Compare it to core CPI

Large spikes in cpi vs core cpi are always going to hurt real wages because everybody's wages aren't adjusted monthly. Annual adjustments by contract or convention, switching jobs, automatic increases as a new hire after a certain time on the job are all common mechanisms for wage increases.

There might be other factors at play here too with covid increasing retirements (higher earners leaving the workforce) but I think the main issue is just that it takes time for wages to be adjusted.

The good news is that people are still leaving their jobs in large numbers to find new, better jobs and gas prices have dropped for almost 2 months straight now so CPI is going to cool off considerably. Barring another supply shock in food or energy, I think we'll see real wages start to increase over the next couple months.

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Response to mathematic (Reply #55)

Sat Aug 6, 2022, 05:40 PM

62. I can't do that. I can't compare wages to an inflation measure that excludes energy and food

and then call that "real wages" with a straight face and I wouldn't feel good about myself if I did. It just feels like cherry-picking for partisan purposes.

If high inflation had happened to SlobFather or the Texas Village Idiot, and had I suggested judging them by the core CPI rather than the one that includes food and energy, I would likely have been PPR'd.

The core rate is almost certainly a better measure for projecting forward, particularly longer term, but I'm talking about what's happening in the last month and the past 12 months.

Anyway, I expect the regular CPI to improve as far as monthly change and the year-over-year change with the July report (due August 10), and certainly in the August report due a month later -- more so than the core CPI -- given the drop in energy prices that are likely to continue going down or at most plateau, given the weakening world economy. I will gleefully ballyhoo any improvement in the real wages situation when that occurs.

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 04:08 PM

49. "Tucker's opening monologue tonight: Jobs: Do we need them?"

SomewhatProblematicCrossExaminationHat Retweeted

Tucker's opening monologue tonight:

Jobs: Do we need them?


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Response to mahatmakanejeeves (Reply #49)

Fri Aug 5, 2022, 04:17 PM

51. Lol

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 04:37 PM

52. The US netted more jobs this month alone than the entirety of Donald Trump's presidency.

The US netted more jobs this month alone than the entirety of Donald Trump’s presidency.


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Response to mahatmakanejeeves (Reply #52)

Fri Aug 5, 2022, 06:13 PM

56. I suppose it depends how one picks the start and end points -- I have Slobf as negative jobs created

comparing January 2017 to January 2021. Or February 2017 to Feburary 2021.

# Nonfarm Employment (Establishment Survey, in thousands)
https://data.bls.gov/timeseries/CES0000000001

YEAR JANUARY FEBRUARY MARCH YADA
2016 143205 143417 143654 143851 143892 144150 144521 144664 144953 145071 145201 145415
2017 145628 145818 145960 146165 146388 146585 146768 146913 147012 147153 147353 147529
2018 147662 148064 148289 148468 148801 148984 149050 149269 149326 149471 149573 149821
2019 150100 150124 150348 150636 150713 150843 150921 151081 151244 151337 151589 151789
2020 152128 152504 151006 130513 133155 137660 139048 140713 141632 142279 142612 142497
2021 143017 143727 144431 144694 145141 145698 146387 146904 147328 148005 148652 149240
2022 149744 150458 150856 151224 151610 152008(P) 152536(P)

Monthly changes, in thousands
https://data.bls.gov/timeseries/CES0000000001?output_view=net_1mth
Year Jan Feb Mar yada
2016 108 212 237 197 41 258 371 143 289 118 130 214
2017 213 190 142 205 223 197 183 145 99 141 200 176
2018 133 402 225 179 333 183 66 219 57 145 102 248
2019 279 24 224 288 77 130 78 160 163 93 252 200
2020 339 376 -1498 -20493 2642 4505 1388 1665 919 647 333 -115
2021 520 710 704 263 447 557 689 517 424 677 647 588
2022 504 714 398 368 386 398(P) 528(P)

Meaning every Biden month has been better than Slobfather's entire presidency, as Biden hasn't had a negative month yet.

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 05:15 PM

54. I want to rec this post a gazillion times!

Eat that you GOP doomsayers!

I am so glad Joe Biden is our President.

I live in a mostly senior community and one 84 year old guy said to me today, "Hell, even I could go get a job right now."

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Response to BumRushDaShow (Original post)

Fri Aug 5, 2022, 09:18 PM

61. Fox

I was watching Ari's show on MSNBC as it showed how Fox News was spinning the outstanding jobs numbers.

The clip of Fox showed their caption which said:

"WH misses on jobs forecast"

While that's certainly true, it completely misses the point....

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