NEW YORK—July jobs printed at a blowout 528,000 jobs, more than double the consensus estimate of 250,000 jobs. The unemployment rate was 3.5 percent, down 0.1 percentage point from last month, and also down from last July’s 5.4 percent. The labor force participation rate was 62.1 percent, up from the 61.7 percent that printed in July…
Anomaly in Employment Statistics Grows: How Many Americans Actually Work?
Over the past four months an unusual phenomenon has emerged: When surveyed by the government, employers reported they have been rapidly adding people to their payrolls. But when government surveyors asked Americans, fewer said they actually work. The discrepancy between those two survey results has grown to a magnitude virtually unseen for more than half…
California Unemployment Improves Slightly, SoCal Unemployment Climbs
July 26, 2022
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California’s seasonally adjusted unemployment rate dropped to 4.2 percent in June, down from 4.3 percent in May—or about 9,800 fewer unemployed—according to California Employment Development Department (EDD). However, many places in Southern California saw a slight rise in unemployment. Employers added 19,900 nonfarm payroll jobs in June, which marked the 12th consecutive month with a decrease…
What’s Driving the Labor Market Mess?
July 22, 2022
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Commentary A small business owner with whom I was speaking raised an odd point. He has many jobs open right now and advertises them. Many people apply and he clicks through on the online portal to offer interviews. Then something odd happens. He never hears from them. Maybe they took some other position. That’s what…
Americans Filing Jobless Claims at Highest Level in 8 Months
WASHINGTON—The number of Americans applying for unemployment benefits last week rose to the highest level in more than eight months in what may be a sign that the labor market is weakening. Applications for jobless aid for the week ending July 16 rose by 7,000 to 251,000, up from the previous week’s 244,000, the Labor…
What If We Define Recession Away?
July 19, 2022
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Commentary Another word has lost its traditional meaning. It’s the word recession, which is a postwar neologism in any case. The word depression—from the idea of depressed economic condition—became unsayable following the disaster in the 1930s. So the wordsmiths got busy and invented this new term based on the idea that the economy is merely…
US Job Seekers Rushing to Find New Employment Before Recession Hits: Survey
A number of Americans are racing to secure new jobs before a recession hits the country, according to a survey from the job posting website Joblist. Joblist surveyed over 15,000 job seekers from across the country from April to June 2022 to find out how concerned they were about rising inflation and a potential economic downturn, as well…
The Strangest Recession of Our Lifetimes
July 15, 2022
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Commentary The evidence of economic weakness and decline fill the headlines day by day, with major banks reporting lower earnings, big box stores with excess inventories, home sales skidding, and consumer sentiment crashing. Meanwhile, inflation in all sectors is raging so high and hot that it has overtaken every other issue that polls say matter…
As Payrolls Grow, Fewer Americans Are Working: Data Paradox
Company payrolls have expanded in recent months, but the number of employed Americans has declined. The paradoxical results stem from the findings of two different government surveys and could indicate that U.S. job growth has been somewhat weaker than it appeared. Non-farm companies added over 1.1 million employees in April, May, and June, according to…
Capitol Report (July 7): Recession Looms With More Job Cuts Coming; FBI Warns of Massive Threat
July 7, 2022
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Unemployment is ticking up—now at a 6-month high. A new report shows that job cuts are looming as employers trying to cut costs buckle down for a possible recession. In a rare joint statement, FBI head Christopher Wray stands with a top UK intelligence officer to give a warning about the biggest threat to America…
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