Courtesy of Mish.
Initial Reaction
Today’s employment report shows a big increase of 255,000 jobs. Last month was revised slightly higher to 292,000 from 287,000.
The household survey broke a three month trend of weakness with an employment gain of 420,000. 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 4-month average in employment is only 49,250 so the household survey still has a lot of catching up to do.
Voluntary part-time employment rose by 212,000 and involuntary part-time employment rose by 97,000. Because of how the BLS compiles these stats, one cannot add the numbers together.
Supposedly, total part-time employment rose by 150,000 while full-time employment rose by 306,000. Thus one cannot add part-time and full-time employment together and derive the employment total either.
Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.
BLS Jobs Statistics at a Glance
