A continued cloudy picture over jobs ft.com/content/85b4d2… via @financialtimes
1/
Yes - payroll numbers suggest we've lost 695,000 since March.
But that figure was 730,000 last month - following some revisions
2/
There's the first sign in monthly data (always can be a blip) of the official unemployment rate rising
Even more so in weekly data (up to almost 5%)
3/
Hours are staging a recovery - still about 10% down on pre-pandemic level, but way above April.
But this is where we see big distributional shifts (here self employment is suffering)
4/
Also hitting the young and part-timers
So - if you've had a stable job and are a millennial, you've been fine, but younger, older, self-employed, or part-time, you've got a lot more to worry about
ENDS
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