The employment news has everyone confused. The Bureau of Labor and Statistics (BLS) reports today 428,000 jobs were added [DATA HERE] which is good. We want to see people getting back to work. However, simultaneously the number of people employed dropped by 363,000 and the labor participation rate dropped from 62.4 last month to 62.2 this month [Table A, DATA]. The unemployment rate remains unchanged at 3.6 percent.
That wildly conflicting set of data has led to a seriously frantic discussion about what is going on. Here’s my take…. The majority of the irreconcilable data can be reconciled on this one basic Main Street employment scenario that is never tracked, people are job jumping.link