JOLTS (job opening data) had a massive surprise, three standard deviations below consensus estimates, the driving job openings to unemployed workers ratio back to pre-pandemic levels.
U.S. job gains surge past expectations, wage growth quickens staradvertiser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from staradvertiser.com Daily Mail and Mail on Sunday newspapers.
The economy created far more jobs than expected in May and annual wage growth reaccelerated, underscoring the resilience of the labor market and reducing the likelihood the Federal Reserve will
households fill out basically to report how many of them are unemployed. that survey showed a loss of 400,000 jobs so this is more than 600,000 jobs difference between the two which is a concern and how we collect this data. at the unemployment rate has been taking up now for the last few months and it is now up to 4% which is low, historically, but it is worrying that it is sticking up.— it is worrying that it is sticking up. it is worrying that it is stickin: u. , , sticking up. do you see this worrisome _ sticking up. do you see this worrisome as _ sticking up. do you see this worrisome as well, - sticking up. do you see this worrisome as well, this - worrisome as well, this unemployment figure? firstly i a . ree unemployment figure? firstly i agree that _ unemployment figure? firstly i agree that we _ unemployment figure? firstly i agree that we should _ unemployment figure? firstly i agree that we should use - unemployment figure? firstly i agree that we should use all i agree that we should use all the data _ agree that we should use all the data available and what a lot of— the data available and what a lot of economists do is put a 80%— lot of economists do is put a 80% wheat on the jobs gained that we — 80% wheat on the jobs gained that we see out of that employer survey and a 20% on what _ employer survey and a 20% on what we — employer survey and a 20% on what we see out of that household survey and become up with a _ household survey and become up with a number which we think is closer— with a number which we think is closer to — with a number which we think is closer to the truth. so the job skins — closer to the truth. so the job skins were _ closer to the truth. so the job skins were probably closer to the expectations than that headline number indicates. so what _ headline number indicates. so what we — headline number indicates. so what we see as an economy is
report is it offered something for the bulls and offered something for the bears. it offers something for those praising the president's performance and those warning about the president performance. by that any in the overall job gains we saw 272,000 were much drunker than expected but there's a household survey and edward was touching on and that's are reading these days to calculate the an employment rate itself. and we found out the people who hold jobs in this country fell by about 408,000 during that period ended also show the number of full-time workers fell by about 625,000. so hit you with a lot of numbers but the only reason why a mention to the household survey and what's happening on the private payroll front is to indicate here that there signals that this can be maintained. increasing signals in the past and make make a bigger deal out of nothing but i want to make sure you understood why both sides were finding ammo in this report. gary it's good to settle these differences because he doesn't mess with the politics part.
of labor survey calls families individuals. "are you looking for a job, are you employed, not employed?" the household survey tends to pick up the smaller businesses. the payroll survey tends to pick up the larger businesses. >> sandra: and? >> the household survey is a catastrophe. it fell by 408,000. 408,000. it has been weak for quite some time. the 3-month average of this household survey is 38,000 a month, which is a recession type number. compare that to the payroll, which is almost 250,000. the household survey, sandra, gives you the unemployment rate. that's where that comes from. >> sandra: 4%. >> it's kept up now from 3.6% -- i beg your pardon, 3.4%, now it is 4%. here's some other stuff, again
he is advising the president and has through this inflation crisis. he said something else really interesting just there, although i want to get a reaction to the jobs first. you said something when you sat down. they are embracing this report. >> i would if i were they, i would do the same thing. jared, by the way, is a personal friend of mine and he is a smart fella, but sometimes he's on the wrong side. this is a very strange report, okay? the top line number is very good. 272,000. private payrolls, 229,000. those are good numbers, okay? but -- and it's a huge but -- when you look under the hood at some other things, it's a terrible number. household survey. this is the payroll survey. what do i mean by that? labor statistic calls the hr departments, the large corporations, and they tell them jobs are up or jobs are down. the household survey, the bureau
economists were forecasting. but the gains were revised lower by 15,000 jobs. the unemployment rate ticking higher as you point out to 4% from 3.9%. now, that can happen with more participation in the labor force as more people come off the sidelines to look for a job. but in may's case, the labor force participation rate actually fell to 62.5%, but .2% lower than it was before, indicating that some people had become more discouraged and moved to the sidelines. now, also, the survey of households that is used to calculate that unemployment rate showed that the number of americans saying they held a job fell by actually 408,000. then there is the data from the household survey on full time versus part time employment which isn't also all that positive, but it is generally so, it did show the number of americans working full time jobs fell by 625,000, while the number who hold part time positions increased by 286,000.