Jobs Increase 528,000 in July; Unemployment Drops to 3.5% | Drudge Retort

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Friday, August 05, 2022

Jobs Increase 528,000 in July; Unemployment Drops to 3.5%

Nonfarm payrolls rose 528,000 for the month and the unemployment rate was 3.5%, easily topping the Dow Jones estimates of 258,000 and 3.6% respectively.

Posted by tonyroma at 02:30 PM | 14 COMMENTS | permalink | Comment on This Entry |

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Wage growth also surged higher, as average hourly earnings jumped 0.5% for the month and 5.2% from a year ago, higher than estimates.

Leisure and hospitality led the way in job gains with 96,000, followed by professional and business services with 89,000. Health care added 70,000 and government payrolls grew 57,000. Goods-producing industries also posted solid gains, with construction up 32,000 and manufacturing adding 30,000.

Despite downbeat expectations, the July gains were the best since February and well ahead of the 388,000 average job gain over the past four months.

Thanks again Brandon. Keep on failin'!

#1 | Posted by tonyroma at 2022-08-05 09:15 AM | Reply

"Nuh-uh!" - the Trite Right

Brandon is destroying this country with jobs!

#2 | Posted by Corky at 2022-08-05 12:28 PM | Reply

Huge jobs report. W/revisions more than 550,000. It's a boom not a recession.

Here's our monthly economic thread:

16 yrs Clinton Obama = 33.8m jobs
18 months Biden = 9.6m jobs
16 yrs Bushes Trump = 1.9m jobs

5 times as many Biden jobs as last 3 GOPers COMBINED.

Simon Rosenberg

#3 | Posted by tonyroma at 2022-08-05 12:42 PM | Reply | Newsworthy 1

Unemployment in Wisconsin is 2.9%, and the GOP gubernatorial hopefuls are pledging to "get Wisconsin working again." They literally just create alternate realities for their voters.

#4 | Posted by JOE at 2022-08-05 12:47 PM | Reply

Rwingers will tell you that these are merely uninteresting facts.

When you get some crazy Q memes about libruls, like their ongoing conspiracy with Grey Aliens to destroy Western Culture... get back to them.

#5 | Posted by Corky at 2022-08-05 01:00 PM | Reply

Related...

The US has now regained all the jobs it lost in the pandemic
www.businessinsider.com

...
The US has recouped all of the jobs it lost during the coronavirus recession.

The rebound took 29 months, nearly three times faster than the recovery from the Great Recession.

Unemployment also sits at the same 3.5% rate the US boasted in early 2020.
...

#6 | Posted by LampLighter at 2022-08-05 01:32 PM | Reply | Newsworthy 2

Expect the righties to gnash their teeth and root against this.

#7 | Posted by jpw at 2022-08-05 01:34 PM | Reply

This week Joe Biden took out al-Zawahiri, saw Kansas say NO to abortion restrictions, made a deal with Manchin & Sinema, signed an EO to help low income women pay for abortion services & delivered a total beast of a jobs report.

But do go on about how "sleepy" he is won't you.

Oh yeah, and he saw the Senate pass the PACT act and vote to add Finland and Sweden to NATO.

And he did ALL of that while he had Covid!!

Jo

#8 | Posted by tonyroma at 2022-08-05 02:42 PM | Reply

".. traders anticipated a strong counter move from a Federal Reserve looking to cool the economy and in particular a heated labor market."

What does "heated labor market" mean? Too many workers? Too high wages? Not enough inflation? Parasitic language. What a backwards-invested perspective, hoping for failure. I hate investors and the entire game.

"Unemployment" doesn't reflect the factual number of denizens unemployed, it's what percentage are collecting unemployment insurance?

So, people who are deemed to not qualify - a lot of whom we can see living on the streets and campers after these two years of non-existent pandemic "aid". Stimulus was withheld to deliberately devolve systems already under strain, imo. Biden in particular lied and gave a total of $1700 - which might pay rent for one month depending upon your locale, but that was IT. No child tax credit renewal - Christmas was deliberately destroyed for this nation. The latest CHIPS garbage legislation - a loudspeaker to how moronic Biden and his factual agenda are. Wall Street magic "forced increased returns" is global blackmail.

#9 | Posted by redlightrobot at 2022-08-05 03:28 PM | Reply

btw and fwiw...

While this month's number is quite good, more than double what was expected, I'll say the same thing I have said when the monthly numbers did not look as good...

I like to view these monthly economic numbers as a three month rolling average, not as individual months. There is too much variation (and adjustments) for any one month to be looked at as a new trend for the economy.

Having said that, though, even with the three month rolling average, the numbers still look quite good.

#10 | Posted by LampLighter at 2022-08-05 03:33 PM | Reply

@#9 ... What does "heated labor market" mean? Too many workers? Too high wages? Not enough inflation? ...

Heated labor market means a lot of job openings and not enough workers to fill the available openings, resulting in low unemployment and wages increasing quickly, typically leading to higher inflation.

The opposite is what you see in a recession. Not too many job openings and too many workers for the available job openings, resulting in stagnating or decreasing wages, typically leading to lower inflation, possibly deflation.

#11 | Posted by LampLighter at 2022-08-05 03:58 PM | Reply

Too funny...

System Malfunction: Fox Tries To Attack WH Over Report Showing Massive Job Growth
talkingpointsmemo.com

#12 | Posted by LampLighter at 2022-08-05 04:45 PM | Reply

What data the White House was looking at when they got the July report wrong by almost 400,000 jobs? Probably the Household Survey.

#12 | POSTED BY LAMPLIGHTER

They were using the HHS data.

The Household survey data (unadjusted??) which has a broader definition of employment has been flat since March.

Had the following..
Full Time -71,000
Part Time +384,000
Multiple Jobs +92,000

In the BLS report was this little tidbit African Americans are sinking in the midst of the jobs boom?

July
-39,000 out labor force
-68,000 fewer employed

BLS reports had been tracking HHS closely for recent years, suddenly diverge.
www.bls.gov

BLS job revisions indicate every report in 2021 was incorrect, yet the Household Survey isn't corrected.
www.bls.gov

My guess is the numbers will be revised down after the midterms.

The issue is will the Fed use these adjusted numbers to make its interest rate adjustments. The problem is greasing these numbers will cost the middle class Billions in interest, and slow home buying.

#13 | Posted by oneironaut at 2022-08-06 01:58 PM | Reply

and slow home buying.

Good.

Housing market could use a bit of cooling off before a large correction is precipitated.

Also, I love it how you ----- are hell bent on making things as bad as possible, even if it means pointing out a jobs norm for the last 8-10 years.

#14 | Posted by jpw at 2022-08-06 06:01 PM | Reply

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