Job Numbers Are Up. Paychecks Aren’t

Do we dare start taking the BLS jobs numbers at face value? Can the days of Lou Costello Labor Math truly be over now that Donald Trump is in the White House?

Or is that all just wishful thinking?

Contents

• BLS Still Overstates Job Growth

• Lou Costello Labor Math?

• There Was Job Growth

• Manufacturing Disappoints

• Paychecks Disappoint

• Still A Jobs Recession

• Good, Just Not Good Enough

Links And Sources

• April Employment Situation Summary (BLS): https://archive.ph/oU1tt

• “Employers added 177,000 jobs in April, topping analyst forecasts”: https://archive.ph/UklL0

• Employment Level, All Employees, Total Nonfarm Private Payrolls: https://fred.stlouisfed.org/graph/?g=1IKnp

• Employment Level, All Employees, Total Nonfarm Private Payrolls: https://fred.stlouisfed.org/graph/?g=1IKn9

• Employment Level, All Employees, Total Nonfarm Private Payrolls: https://fred.stlouisfed.org/graph/?g=1IKnS

• Employment Level, All Employees, Total Nonfarm Private Payrolls: https://fred.stlouisfed.org/graph/?g=1IKnj

• “Once Again, The (Biden-)Harris Job Numbers Are Proven Fake”: https://newsletter.allfactsmatter.us/p/once-again-the-biden-harris-job-numbers

• All Employees, Total Nonfarm: https://fred.stlouisfed.org/graph/?g=1CRfE

• All Employees, Total Private: https://fred.stlouisfed.org/graph/?g=1EgDU

• ADP, Total Private: https://fred.stlouisfed.org/graph/?g=1HJKi

• All Employees, Manufacturing: https://fred.stlouisfed.org/graph/?g=1HLiX

• ADP—Manufacturing: https://fred.stlouisfed.org/graph/?g=1HLje

• All Employees, Trade, Transportation, and Utilities: https://fred.stlouisfed.org/graph/?g=1HJTb

• ADP—Trade, Transportation, and Utilities: https://fred.stlouisfed.org/graph/?g=1HKaI

• All Employees, Private Education and Health Services: https://fred.stlouisfed.org/graph/?g=1IJYM

• Average Hourly Earnings of All Employees, Goods Producing: https://fred.stlouisfed.org/graph/?g=1IIW1

• Average Hourly Earnings of All Employees, Services: https://fred.stlouisfed.org/graph/?g=1IIW1

• Average Hourly Earnings vs CPI: https://fred.stlouisfed.org/graph/?g=1IIW1

• Average Weekly Hours of All Employees, Total Private: https://fred.stlouisfed.org/graph/?g=1IIXY

• Unemployment Level: https://fred.stlouisfed.org/graph/?g=1IIpw

• “Real” Unemployment Rate: https://fred.stlouisfed.org/graph/?g=1IIqv

• Employment Leve—Part Time for Economic Reasons: https://fred.stlouisfed.org/graph/?g=1IIoy