Mike Shedlock

Initial Reaction

Once again the headline job number exceeded the household survey report, but unlike last month, the difference this month was insignificant.

May BLS Jobs Statistics at a Glance

  • Nonfarm Payroll: +217,000 - Establishment Survey
  • Employment: +145,000 - Household Survey
  • Unemployment: +46,000 - Household Survey
  • Involuntary Part-Time Work: -196,000 - Household Survey
  • Voluntary Part-Time Work: +154,000 - Household Survey
  • Baseline Unemployment Rate: +0.0 at 6.3% - Household Survey
  • U-6 unemployment: -0.1 to 12.2% - Household Survey
  • Civilian Non-institutional Population: +183,000
  • Civilian Labor Force: +192,000 - Household Survey
  • Not in Labor Force: -9,000 - Household Survey
  • Participation Rate: +0.0 at 62.8 - Household Survey


Additional Notes About the Unemployment Rate

  • The unemployment rate varies in accordance with the Household Survey, not the reported headline jobs number, and not in accordance with the weekly claims data.
  • In the past year the population rose by 2,259,000.
  • In the last year the labor force rose by 4,000.
  • In the last year, those "not" in the labor force rose by 2,215,000
  • Over the course of the last year, the number of people employed rose by 1,895,000 (an average of 158,000 a month)

Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.