Townhall
Finance
Further
Look at Employment: Seasonally Adujsted Decline of 523,000 Over Last
Month
Mike
Shedlock
Jul
06, 2014
Initial
Reaction
On
the surface, this appeared to be a very strong jobs report from both
the household survey and establishment survey perspective.
The
establishment survey reported a gain of 288,000 jobs while the
household survey sported a gain in employment of 407,000. In
addition, May was revised up from +217,000 to + 224,000, and April
revised up from +282,000 to +304,000.
Digging
deeper into the details, strength was entirely part-time (and then
some).
Voluntary
part-time employment rose by a whopping 840,000 and involuntary
part-time employment rose by 275,000.
Compared
to a total gain of employment of 407,000, the gain in total part-time
employment was 1,115,000. I confirmed with the BLS that one cannot
directly subtract those numbers because of seasonal reporting.
However,
one can compare seasonally-adjusted full-time employment this month
to seasonally-adjusted full-time employment last month. Doing so
shows a decline in full-time employment of 523,000!
May
BLS Jobs Statistics at a Glance
Nonfarm
Payroll: +288,000 - Establishment Survey
Employment:
+407,000 - Household Survey
Unemployment:
-325,000 - Household Survey
Involuntary
Part-Time Work: +275,000 - Household Survey
Voluntary
Part-Time Work: +840,000 - Household Survey
Baseline
Unemployment Rate: -0.2 at 6.1% - Household Survey
U-6
unemployment: -0.1 to 12.1% - Household Survey
Civilian
Non-institutional Population: +192,000
Civilian
Labor Force: +81,000 - Household Survey
Not
in Labor Force: +111,000 - Household Survey
Participation
Rate: +0.0 at 62.8 - Household Survey
Additional
Notes About the Unemployment Rate..
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