Today’s jobs report: US economy added booming 272,000 jobs in May, unemployment at 4%

9 comments

1. Table A-8 of the report appears to show we grew part time jobs by 359k month over month. I’m not sure if there’s a trick here to the math but 272k overall doesn’t seem that great to me.

2. Hot damn! What great news!

   Now sit back and watch as the jobs data gets revised downward every other month over the next 18 months. LOL

   It’s all a game, folks, and we’re the game pieces.

   You can believe your eyes or you can believe the government.

3. Government was the 2nd largest source of job growth over the last year, behind only healthcare, which is a government-dominated sector where most of the jobs are ultimately funded by taxpayer dollars.

   Over the past year, government hiring accounted for about 60% of all job growth.

4. More folks developed Long Covid than got jobs in the same time period according to Wastewater and the WHO.

   We are in a human bubble. 🙂

5. Unemployment rises over 4% and I’ve already got someone telling me why that’s _good_ for the economy. And the jobs numbers will get revised down, just a smokescreen for why interest rates are going to remain elevated for quite a while.

   Blow the bubble up, make folks think they’re wealthier than they actually are to drive massive consumer borrowing/spending, jack rates up after to drive asset prices back to mean, pray nothing serious/major breaks completely before “normal” is achieved again (spoiler alert – things are already broken, we just aren’t being told).

   It’s pathetic this is the best humanity can do with the toolkit at our disposal. Absolutely pitiful and sad.

6. Unemployment went up again last month. Not good.

7. BOOMING … gotta love those titles.

8. Turns out greedy corporations and record profits are good for the economy and ultimately creates more jobs.

9. Not bad, but a little boost could help.

   I’m thinking about $10 Billion for military replenishments and some other special projects not covered by the earlier infrastructure law.

   So, in some cities/towns with weak budgets, tear down old buildings or repair local roads; help a few states with their budget short-falls or retirement funds, spend for the natural disasters we know will be up-coming out west or to help rebuild basic things in recently hit tornado areas.

   The balance might be 50:50 or at most 25:75 as legislators may decide.

   That isn’t a huge amount of money in our annual economy, but we might not need huge steps just now, especially if we can employ a few more people doing productive things.