August’s “mixed” jobs report simply shows a continuation of the gradually weakening employment market that we have been seeing for months.
In fact, total employed persons can fall while total jobs increases.
According to the most recent report from the federal government’s Bureau of Labor Statistics, the US economy added 142,000 jobs during August while the unemployment rate fell slightly to 4.2 percent.
Since the highly disappointing July jobs report, media reports on the state of the job market have become far less positive.
The lackluster nature of the employment market has been masked in these reports by a focus on a single data point within the report: the establishment survey’s total jobs number.
There is no soft landing coming.
Establishment Survey vs. Household Survey The establishment survey report shows that total jobs—a total that includes both part-time and full-time jobs—increased, month over month, in August by 142,000.
https://mises.org/mises-wire/america-now-has-fewer-employed-workers-it-did-year-ago
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