Screameth The Bureau of Lies and Scams
Total nonfarm payroll employment increased by 315,000 in August, and the unemployment rate rose to 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in professional and business services, health care, and retail trade.
Notable job gains while the unemployment rate increased?
Well now, do we know everything we need to know from just two sentences? Maybe.
On an unadjusted basis the number was -353,000. It is important to note that August does frequently show this sort of number, because people in school go back and some of them were working. Thus, that's unremarkable.
In other words the economic read is that its "meh"; flat would be the best word, neither recessionary or expansionary.
What is remarkable is that we still are screwing people in health care with 48,000 more financial hosing positions added. Ok, let's be fair, 4,800 of them were probably doctors and nurses; the rest were dedicated to bending you over the table. Oh by the way that's about 400,000 over the last 12 months.
Average hourly earnings were up 10 cents but basically zero in goods producing, and in non-durable goods they were down. How's that work out for you in a high inflation environment? Not so good, I suspect.
100,000 fake jobs were admitted to for June, but of course that was two months ago which wildly exceeds the attention span of the American population.
The market like this, presumably believing that Powell and The Fed will truncate the interest rate increases.
They're wrong; if inflation does not get stomped on those in manufacturing will be living in a refrigerator box shortly, at which point the entire economy will collapse. So yes, the rate increases will continue until prices reverse back to where they were, not just stop going up.