The Market Ticker
Commentary on The Capital Markets- Category [Employment]

Oh do come on.

The unemployment rate declined by 0.3 percentage point to 4.7 percent in May, and nonfarm payroll employment changed little (+38,000), the U.S. Bureau of Labor Statistics reported today. Employment increased in health care. Mining continued to lose jobs, and employment in information decreased due to a strike.

Uh huh.

Not seasonally adjusted (that is, before book-cooking for political purposes and attempting to bludgeon The Fed) out of the household survey) the figures are a different matter.

Employed in the household survey went from 151,075 (thousands) to 151,594an increase of 519,000.

Oh, and the employment:population ratio went up by two ticks to 59.9%!

So you expect me to believe that the economy created basically zero jobs when the household survey says it was over 500,000 and the employment:population rate went up two full ticks?

I'll tell you what is terrible though.  Part time for economic reason workers were up sharply, 467,000, nearly back to levels from a year ago and reversing a lot of progress.  Meanwhile the number of part-time workers who were intentionally working part-time went down by 572,000.  Hmmmm..... 

The workweek remained stable at 34.4 (gee, Obamacare anyone?) as did overtime hours while average hourly earnings ticked up five cents.

But I'm supposed to believe that headline number.

Riiiiight.

Send the guy with the handcuffs over to the Bureau of Lies and Scams please.

PS: Bite me Cramer.

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