Sen. Rick Scott, R-Fla., wants answers after a recent report from the Federal Reserve Bank of Philadelphia appeared to blow a whole through the Biden administration's claim that the U.S. addedmore than a million jobs from March to June of 2022.
The Philadelphia Fed's report, released last week, week estimated that from March to June of this year, the U.S. added just 10,500 jobs, a glaring difference from the 1,121,500 estimated by the Bureau of Labor Statistics.
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Maybe the labor market is not as hot as reported.
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The November Jobs Report Wasn't as Strong as Advertised -CounterPunch.org
The Decline in Hours
There is no dispute that these are bad signs from the standpoint of inflation, but there are some items pointing in the other direction in the November report that were almost completely overlooked. First, although we did see a big jump in employment in the month, the length of the average workweek actually fell by 0.1 hour. This was not just the result of rounding; the index of aggregate weekly hours fell by 0.2 percent.
Drop in Share of Unemployment Due to Quits
Many of us have long looked to share of unemployment due to voluntary quits as a good measure of the strength of the labor market. This is effectively measuring the extent to which workers are so confident of their labor market prospects that they are willing to quit one job before they have another job lined up.
This has been high throughout the year, and reached an all-time record of 15.9 percent in September. It fell back to 14.6 percent in October, and was just 13.9 percent in November. That is lower than many months in 2018 and 2019, and only slightly higher than the 2019 average of 13.6 percent.
Thanks cutworm!
just a couple personal observations...
i know of a young man who is looking for a job. has put in many applications. No one is hiring. this is a person who is a good employee. this is Not what i would expect in market with low unemployment figures.
another observation... last year it seemed like every window had a help wanted sign. today i don't see much.
i think that interest rates going up, and the housing market slowing down, and the market going down, are all starting to have an effect.
this does not seem to be showing up in the statistics. at least not yet.
here is another article on the subject.
It's all political theatrics. The administration is looking for ways to make Obiden look like a savior, and keep control of the strings. Nothing could be more obvious. They've taken advantage of companies rehiring laidoff workers after the plandemic, as "creating" more jobs. When the reality is that the laidoff workers are returning to the jobs that they had before the shut down during the fear of the plandemic. No new jobs. But there are those who can't tell the difference. And they will vote for the democommunists in the next election.