Courtesy of Mish.
Initial Reaction
Today’s employment report shows an amazing increase of 287,000 jobs. The BLS revised last month from 38,000 down to 11,000.
The household survey shows June employment rose by 67,000. In May, employment rose by a mere 26,000 and in April, employment declined by a whopping 316,000.
The unemployment rate rose 0.2 percentage points to 4.9% because the labor force rose by 414,000.
We have seen divergences between the household survey and the establishment survey before, but not three consecutive months, recently.
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: +287,000 – Establishment Survey
- Employment: +67,000 – Household Survey
- Unemployment: +347,000 – Household Survey
- Involuntary Part-Time Work: -587,000 – Household Survey
- Voluntary Part-Time Work: -101,000 – Household Survey
- Baseline Unemployment Rate: +0.2 to 4.9% – Household Survey
- U-6 unemployment: +0.0 to 9.7% – Household Survey
- Civilian Non-institutional Population: +223,000
- Civilian Labor Force: +414,000 – Household Survey
- Not in Labor Force: -191,000 – Household Survey
- Participation Rate: +0.1 to 62.7 – Household Survey
Employment Report Statement
