{"id":4354,"date":"2023-07-09T00:14:16","date_gmt":"2023-07-09T00:14:16","guid":{"rendered":"https:\/\/mysourcefunding.com\/leadership\/junes-jobs-report-still-solid-after-all-these-months\/"},"modified":"2023-07-09T00:14:16","modified_gmt":"2023-07-09T00:14:16","slug":"junes-jobs-report-still-solid-after-all-these-months","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=4354","title":{"rendered":"June\u2019s Jobs Report \u2013 Still Solid After All These Months"},"content":{"rendered":"
\n

For 29 consecutive months \u2013 January 2021 through May 2023 \u2013 two things happened, and they happened every one of those months.<\/p>\n

One, the job market created more jobs \u2013 far more jobs, in most cases \u2013 than economists, labor analysts, and other \u201cexperts\u201d predicted.<\/p>\n

Two, when the numbers were released by the Bureau of Labor Statistics early the following months, everyone was surprised. not only because the market exceeded expectations \u2013 again! \u2013 but by how much. In fact, most of those monthly reports brought more than surprises; the \u201cexperts\u201d were downright stopped in their tracks. Month after month, I kept asking myself, \u201cWhen are they going to get it?\u201d This is the greatest, strongest job market in history \u2013 and the one with the longest sustained high-level growth ever recorded. And you\u2019d figure that after a while, they\u2019d see what\u2019s going on.<\/p>\n

Right.<\/p>\n

So, along comes last month \u2013 June, month #30 in this saga \u2013 and the job creation number comes in at 209,000, considerably lower than the 286,000 average for this year, and noticeably down from the half million monthly average since January 2021. And as those \u201cexperts\u201d had predicted 240,000, all of a sudden, things changed. Now they\u2019re talking in disappointed terms. After 29 months of the market exceeding expectations, now it\u2019s falling short. Talking about looking through the wrong end of the telescope!<\/p>\n

About those 209,000 new jobs\u2026<\/h2>\n

Time for a little common sense. Let\u2019s not get out of focus in just one month: 209,000 jobs created is still a very healthy number. Anyone who doesn\u2019t have that focus needs to get realigned, on a number of counts. First, it\u2019s a good number all by itself.<\/p>\n

<\/fbs-ad><\/p>\n

Second, in relative terms, it\u2019s also good. Our civilian labor force grew by 2.9 million over the last 12 months, currently sitting at 167 million. That\u2019s almost exactly half our total population, which means that to keep up with population growth, (births minus deaths plus immigration) we\u2019d need to add 1.45 million jobs per year, or 120,000 per month. We\u2019ve already done that as of May, but to stay focused on June alone, that 209K is looking good.<\/p>\n

Third, the kind of explosive growth we\u2019ve witnessed for 30 months had to level off sooner or later. Given that the job growth over the past 30 months was equitably spread out among job sectors, we can reasonably expect continued strength. There are no weak points, in other words. Not only that, but major accomplishments like the CHIPS Act, the Infrastructure Bill, and the American Rescue Plan have only just begun to kick in to job growth.<\/p>\n

Fuher, the unemployment rate ticked down from 3.7% to 3.6%, not notable, but more granularly, of the multitude of factors determining that rate, two are meaningful right now: the number of newly-employed workers (273,000, bringing the ranks of the employed to its highest level ever) nearly doubled the number of newly-unemployed workers (140,000).<\/p>\n

\u201cWhere have you gone, Joe DiMaggio?\u201d<\/h2>\n

This whole thing \u2013 and especially the way those \u201cexperts\u201d see it \u2013 kind of reminds me of Joe DiMaggio\u2019s famed 56-game hitting streak in 1941. One of baseball\u2019s most hallowed records began in the first inning of a Yankee game on May 15, 1941, when DiMaggio hit a first-inning single. For the next two months and a day, through 223 at-bats that yielded 91 hits, Joltin\u2019 Joe held the attention of Americans (and others) until, on July 16, it was over. One of America\u2019s most gripping dramas was over \u2013 and everyone exhaled.<\/p>\n

Know wat DiMaggio did the day after his first hitless game in two months? He started what turned out to be a new 17-game hitting streak.<\/p>\n

Know wp that mind when you read the job numbers.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

For 29 consecutive months \u2013 January 2021 through May 2023 \u2013 two things happened, and they happened every one of those months. One, the job market created more jobs \u2013 far more jobs, in most cases \u2013 than economists, labor analysts, and other \u201cexperts\u201d predicted. Two, when the numbers were released by the Bureau of […]<\/p>\n","protected":false},"author":1,"featured_media":4355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[76],"tags":[],"class_list":{"0":"post-4354","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-leadership"},"yoast_head":"\nJune\u2019s Jobs Report \u2013 Still Solid After All These Months | Brandiary<\/title>\n<meta name=\"description\" content=\"For 29 consecutive months \u2013 January 2021 through May 2023 \u2013 two things happened, and they happened every one of those months. 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