May jobs report: nothing more nor less than a decent late cycle report
- +138,000 jobs added
- U3 unemployment rate down -0.1% from 4.4% to 4.3%
- U6 underemployment rate down -0.2% from 8.6% to 8.4%
Here are the headlines on wages and the chronic heightened underemployment:
Wages and participation rates
- Not in Labor Force, but Want a Job Now: down -146,000 from 5.707 million to 5.561 million
- Part time for economic reasons: down -53,000 from 5.272 million to 5.219 million
- Employment/population ratio ages 25-54: down -0.2% from 78.6% to 78.4%
- Average Weekly Earnings for Production and Nonsupervisory Personnel: up $.03 from $21.97 to $22.00, up +2.5% YoY. (Note: you may be reading different information about wages elsewhere. They are citing average wages for all private workers. I use wages for nonsupervisory personnel, to come closer to the situation for ordinary workers.)
Holding Trump accountable on manufacturing and mining jobs
Trump specifically campaigned on bringing back manufacturing and mining jobs. Is he keeping this promise?
- Manufacturing jobs fell by -1,000 for an average of +2500 vs. the last severn years of Obama’s presidency in which an average of 10,300 manufacturing jobs were added each month.
- Coal mining jobs rose by +400 for an average of +300 vs. the last severn years of Obama’s presidency in which an average of -300 jobs were lost each month
March was revised downward by -29,000. April was also revised downward by -37,000, for a net change of -66,000.