Full-time Employment Tanks While More People Forced to Work Multiple Jobs

Last month, the unemployment rate ticked up to 4 percent. The labor force participation rate edged down from 62.7 percent to 62.5 percent.

On the surface the latest jobs reports created 272,000 new jobs but look under the hood and you find the majority of the gains were in government jobs (which we pay for) and  Obamacare health care/social services.

US Economy Adds 272,000 New Jobs, Unemployment Ticks Up to 4 Percent in May

Full-time employment tanks while more people are working multiple jobs.

By Andrew Moran, The Epoch Times, June 7, 2024:

The U.S. economy created 272,000 new jobs in May, topping economists’ estimates and defying observations that the labor market could be cooling off. The latest figure could further challenge investor expectations that the Federal Reserve might pull the trigger on an early rate cut.

The latest reading was up from the April gain of 165,000 jobs, according to the Bureau of Labor Statistics (BLS). It topped the consensus forecast of 185,000.

Last month, the unemployment rate ticked up to 4 percent, up from 3.9 percent. This was higher than the market projection of 3.9 percent.

The labor force participation rate edged down from 62.7 percent to 62.5 percent. Average weekly hours were unchanged at 34.3, in line with market expectations.

A considerable share of the employment gains were concentrated in health care (68,000), government (43,000), and leisure and hospitality (35,000).

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EDIOTRS NOTE: This Geller Report is republished with permission. ©All rights reserved.

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