More Fake Happy News About Jobs
Paul Craig Roberts
Aug 2, 2019
The Bureau of Labor Statistics reports that the US economy created 148,000 new private sector jobs during July. The jobs number does not translate into employed people as increasingly Americans hold two or more jobs. For example, the BLS reports that from June to July the number of multiple job holders rose by 233,000 which is 85,000 more than the 148,000 new private sector jobs. What we are seeing is not more people employed, but more multiple job holders. Since May the number of multiple job holders has increased by 534,000. https://www.bls.gov/news.release/empsit.t09.htm
The claim of a falling rate of unemployment over the past decade is inconsistent with the falling labor force participation rate. Normally, when employment prospects are good the labor force participation rate increases.
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