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Payrolls Bounce in June With Upward Revisions in April and May: Earnings Very Weak, May Revised Lower

Courtesy of Mish

Initial Reaction

Today’s establishment survey was a stronger than expected 222,000. Upward revisions added a net 47,000 jobs in April and May.

In the household survey, employment fell by 233,000 in May and rose by 245,000 in June.

The unemployment rate went up because the labor force rose more than employment.

Despite the job increases, private earnings rose only 0.18 percent in June and that is from downward revisions in May. Year-over-Year, private earnings are up only 2.3%.

Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.

BLS Jobs Statistics at a Glance

  • Nonfarm Payroll: +222,000 – Establishment Survey
  • Employment: +245,000 – Household Survey
  • Unemployment: +116,000 – Household Survey
  • Involuntary Part-Time Work: +107,000 – Household Survey
  • Voluntary Part-Time Work: -229,000 – Household Survey
  • Baseline Unemployment Rate: +0.1 to 4.4% – Household Survey
  • U-6 unemployment: +0.2 to 8.6% – Household Survey
  • Civilian Noninstitutional Population: +190,000
  • Civilian Labor Force: +361,000 – Household Survey
  • Not in Labor Force: -170,000 – Household Survey
  • Participation Rate: +0.1 to 62.8 – Household Survey

Employment Report Statement

Total nonfarm payroll employment increased by 222,000 in June, and the unemployment rate was little changed at 4.4 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, social assistance, financial activities, and mining.

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