Payroll Confict
6/7/24
from The Gray Area:
6/7/24:
Peter Boockvar evaluation states that this month's job report has an internal conflict, with employers reporting 272,000 new hires while households reported having 408,000 fewer jobs.
- The unemployment rate rose to 4.0%, the highest since November 2021 but still historically low.
- Almost all the household survey’s lost jobs came from the 20-24 age cohort. Those age 25-54 showed small gains.
- Average hourly earnings rose 0.4% for the month and are up 4.1% in the last year.
- The prime age (25-54) participation rate rose to 83.6%, the highest in 22 years.
- Job gains continue to be led by private education/healthcare, state and local government and leisure/hospitality.