Going to be using this counterstatement next time I hear anyone say that quote! Another excellent summary of the current contradictory feelings of data vs sentiment that everyone seems to be talking about.
Have you looked at the PT vs. FT vs. multiple job gains? How many foreign born vs native born have acquired these jobs? The data BLS shares smells funny...
Yep, the number of multiple job holders increased slightly in May but is still down quite a bit from April. Importantly, the establishment data counts one person with two jobs as two jobs (the household survey doesn't). Multiple job holders as a % of employed currently stands at 4.8%, down from 5.2% at the start of 2020.
Over the past year, much of the gain in employment has occurred due to foreign born workers being hired, but that's what happens when the labor market has no slack. If the unemployment rate in the U.S. is 3.4% and the prime age employment to population ratio is at its highest level in decades (which was the case last month), the only way to add jobs is through immigration.
Regarding this report smelling fishy, there's definitely limitations to what you can estimate about the economy, but the BLS transparent about those limitations and their methodologies and they're definitely not cooking the books or putting out falsified data. It's also important to remember these numbers will be revised in each of the next two months.
The BLS is, in my opinion, the best government agency. They're incredibly helpful, easy to get on the phone, and willing to look into questions they don't immediately know the answer to.
Going to be using this counterstatement next time I hear anyone say that quote! Another excellent summary of the current contradictory feelings of data vs sentiment that everyone seems to be talking about.
Have you looked at the PT vs. FT vs. multiple job gains? How many foreign born vs native born have acquired these jobs? The data BLS shares smells funny...
Yep, the number of multiple job holders increased slightly in May but is still down quite a bit from April. Importantly, the establishment data counts one person with two jobs as two jobs (the household survey doesn't). Multiple job holders as a % of employed currently stands at 4.8%, down from 5.2% at the start of 2020.
Over the past year, much of the gain in employment has occurred due to foreign born workers being hired, but that's what happens when the labor market has no slack. If the unemployment rate in the U.S. is 3.4% and the prime age employment to population ratio is at its highest level in decades (which was the case last month), the only way to add jobs is through immigration.
Regarding this report smelling fishy, there's definitely limitations to what you can estimate about the economy, but the BLS transparent about those limitations and their methodologies and they're definitely not cooking the books or putting out falsified data. It's also important to remember these numbers will be revised in each of the next two months.
The BLS is, in my opinion, the best government agency. They're incredibly helpful, easy to get on the phone, and willing to look into questions they don't immediately know the answer to.