So, another jobs report came out today. Now, remember that economists believe it takes 150-200k new jobs gained each month to keep up with new people entering the workforce. Obviously that’s an average, and also obviously June is one of those months that a disproportionate number of people get out of school and start looking for jobs. Keep that in the back of your head, even though it’s not going to get mentioned elsewhere.
In June, the United States added 288,000 jobs, roughly 10% of which were government jobs. Unemployment is down to a mere 6.1% nationally. And there’s more good news hidden behind the headline: average manufacturing workweek is above 40 hours, so theoretically factories need more workers now; long term unemployed is down to [a still depressing] ~3,100,000.
Of course there’s bad news hidden too: average workweek overall was 34.5 hours; wages aren’t up; when you include the underemployed and discouraged workers, unemployment looks more like 12.1%. Think about that: just under of 1 in 8 workers is either working part time when they want full time work, or has given up on finding work at all!
As a guy with more expertise than me summarized, it’s “meh.” Or perhaps you prefer the more technical “yawn.”
Nevertheless, Wall Street went WHEEEEE! on anticipation that the Fed might actually raise interest rates.
Oh, and it turns out that the states with the most job growth are the ones with those “job killing” higher minimum wages.
In Closing: Oh yeah, get those sweet sweet NSA and spying on Americans and the world links here; free science books; birth control Supreme Court Hobby Lobby ruling follow up links; problem solved!; media points out what many of us have been saying for years; apparently I’m the only one surprised that Maliki is alive and actually in charge of anything; when a red cross blanket on a gym floor is soooo much better than home [insert sad face here]; for pity sake, use seat belts and make sure the kids buckle up too; and then they wonder why the locals are pissed at them.