Courtesy of Mish.
Initial Reaction
Today’s job report (for June) once again showed a huge divergence between the household survey and the establishment survey.
Household survey employment fell by 56,000 while the establishment survey shows a gain of 233,000 jobs. The labor force declined by 432,000 and that explains the drop in the unemployment rate to 5.3% from 5.5%.
The report was weaker than it looks due to significant downward revisions in April and May totaling 60,000. May was revised to 254,000 from 280,000 and April to 187,000 from 221,000.
Part-Time Employment +372,000
Of note in the Household Survey, voluntary part-time employment rose by 519,000 while part-time for economic reasons declined by 147,000. That means there is a net increase in part-time employment of 372,000.
BLS Jobs Statistics at a Glance
- Nonfarm Payroll: +233,000 – Establishment Survey
- Employment: -56,000 – Household Survey
- Unemployment: -375,000 – Household Survey
- Involuntary Part-Time Work: -147,000 – Household Survey
- Voluntary Part-Time Work: 519,000 – Household Survey
- Baseline Unemployment Rate: -0.2 to 5.3% – Household Survey
- U-6 unemployment: -0.3 to 10.5% – Household Survey
- Civilian Non-institutional Population: +208,000
- Civilian Labor Force: -432,000 – Household Survey
- Not in Labor Force: +640,000 – Household Survey
- Participation Rate: -0.3 to 62.6 – Household Survey
June 2015 Employment Report
Please consider the Bureau of Labor Statistics (BLS) Current Employment Report.
Total nonfarm payroll employment increased by 223,000 in June, and the unemployment rate declined to 5.3 percent. Job gains occurred in professional and business services, health care, retail trade, financial activities, and transportation and warehousing.
Unemployment Rate – Seasonally Adjusted…
