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The U.S. economy added 390,000 jobs in May, better than expected despite fears of an economic slowdown and a roaring pace of inflation, the Bureau of Labor Statistics reported Friday.
At the same time, the unemployment rate held at 3.6%, just above the lowest level since December 1969.
Economists surveyed by Dow Jones had been looking for nonfarm payrolls to expand by 328,000 and the unemployment rate to edge lower to 3.5%.
Average hourly earnings increased 0.3% from April, slightly lower than the 0.4% estimate. The year-over-year increase for wages of 5.2% was about in line with expectations.
A recession is still quite likely. Inflation is at 40-year highs, which means the purchasing power of the USD has eroded.
Furthermore, "the Biden jobs machine" that you wrote "continues to roll on" rolled on to a 13-month low and to a drop from April's upward-revised 436k jobs.
Consider as well the recent and very dismal ADP job prints, and there's in all likelihood fudging of numbers for political purposes.
A granular examination of this and other recent payroll data demonstrate that the combined March and April nonfarm payroll employment change is 22,000 LOWER than previously announced: March was revised downwards by 30k from 428k to 398k, while April was revised upward to 436k from 428k.
In May, 175k service jobs (lower pay) were added - from 273k in April.
Higher-paying service jobs remained the same at 99k.
Manufacturing jobs - the type of work many in the American heartland do - fell from 66k to 18k. But there was an increase in mining and logging jobs to 41k. To close off the numbers, 57k government jobs were added.
Regarding unemployed workers, the number of those who lost permanent jobs remained unchanged at 1.4 million in May. Those who were temporarily laid off changed slightly at 810k.
The number of people who have part-time jobs due to economic circumstances went up by 295k to 4.3 million in May - this reflects more people whose hours (in their regular jobs) were cut due to low workloads or poor business conditions. They would have preferred full-time employment but they had no choice.
Lastly, the number of people NOT in the labor force who currently do want a job barely changed. That's 5.7 million in May.
And as predictable as the sun rising in the morning, the Biden haters are upset.
Remember months when, like, 200-300K jobs were being added under Trump? The Trump fans screamed at the top of their lungs how great that was. I'd be happy to provide some links. But now the jobs machine under Biden has been so strong, when we get "only" 390K jobs suddenly that's a terrible number!
And as predictable as the sun rising in the morning, the Biden haters are upset.
Remember months when, like, 200-300K jobs were being added under Trump? The Trump fans screamed at the top of their lungs how great that was. I'd be happy to provide some links. But now the jobs machine under Biden has been so strong, when we get "only" 390K jobs suddenly that's a terrible number!
The reasons behind the numbers matter, and there was a slight difference then.
The jobs created under Trump weren't a result of employers just bringing staffing levels back up because of massive government-required shutdowns.
Of course under Trump even before 2020 I also was paying about 25% less for food and wasn't paying almost $7/gallon for gas. But Biden is doing great...
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