HEADLINES:
+222,000 jobs added
U3 unemployment rate rose +0.1% from 4.3% to 4.4%
U6 underemployment rate rose +0.2% from 8.4% to 8.6%
Here are the headlines on wages and the chronic heightened underemployment:
Wages and participation rates
Not in Labor Force, but Want a Job Now: down -130,000 from 5.561 million to 5.431 million
Part time for economic reasons: up +107,000 from 5.219 million to 5.326 million
Employment/population ratio ages 25-54: up +0.1% from 78.4% to 78.5%
Average Weekly Earnings for Production and Nonsupervisory Personnel: up $.04 from $21.99,to $22.03, up +2.3% YoY.(Note: you may be reading different information about wages elsewhere. They are citing average wages for all private workers. I use wages for nonsupervisory personnel, to come closer to the situation for ordinary workers.)
Holding Trump accountable on manufacturing and mining jobs
Trump specifically campaigned on bringing back manufacturing and mining jobs.Is he keeping this promise?
Manufacturing jobs rose by +1,000 for an average of +2000 vs. the last seven years of Obama’s presidency in which an average of 10,300 manufacturing jobs were added each month.
Coal mining jobs were unchanged for an average of +200 vs. the last seven years of Obama’s presidency in which an average of -300 jobs were lost each month
April was revised upward by +33,000. May was also revised upward by +14,000, for a net change of +47,000.
The more leading numbers in the report tell us about where the economy is likely to be a few months from now. These were mainly positive.
the average manufacturing workweek rose +9.1 hour from 40.7 hours to 40.8 hours.This is one of the 10 components of the LEI.
construction jobs increased by +16,000. YoY construction jobs are up +206,000.
temporary jobs increased by +13,400.
the number of people unemployed for 5 weeks or less increased by +151,000 from 2,154,000 to 2,305,000.The post-recession low was set 18 months ago at 2,095,000.
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