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Good Jobs Day everyone. Today we see if the slow pace of reduction in continuing (not initial) extended and supplemented unemployment claims is again reflected in the #BLS data for June. Estimates for job growth of ~600K private and ~700K total sound reasonable, but its dicey.
If we get a big jump in jobs, we should see a slump in wages as most of the jobs seeking worker are low-wage/low-hours jobs. And they are not likely the type to draw in people off the bench from either the unemployed OR those who have left the labor force:
nytimes.com/2021/06/01/opi…
nytimes.com/2021/06/01/opi…
#BLS Non-farm payrolls rise by 850,000
The U-3 unemployment rate remains at 5.9%
The U-3 unemployment rate remains at 5.9%
#BLS Today's job's report will be the last prior to the launch of the U.S. Private Sector Job Quality Index (JQI) on November 14th, which will thereafter be updated and released on each "jobs day." #JQI is a collaborative of @Cornell, @cpa_tradereform, @UMKC and @GISP_Tweets,>>
>and tracks shifts in job quality related to relative levels of weekly income (wages times hours) on a real time basis from month to month. The JQI reveals is three decades of astonishing job quality decline, reflecting a substantial increase in the number of>>
> production and non-supervisory jobs that are below the mean level weekly incomes of all such jobs. In 1990, 52.7% of those jobs fell below the mean – but since then, 63% of all net new job formation has been lower wage/lower hours. >>
