As happens the first Friday each month, the BLS released the much-anticipated Monthly Jobs Report on August 2nd.
It is a barometer of the economic health and well being of ordinary American workers.
It’s been philosophized that a recession is when a neighbor can’t find work and that a depression is when you can’t find work.
What can be learned about that difference from this month’s jobs report?
Reported vs. Not Reported BLS Facts
As always, the first two BLS numbers reported are:
- Monthly non-farm job growth (+162,000)
- Unemployment rate (7.4%)
Jobs were up. Unemployment was down… a healthy -0.2%. Good news. Right? Wrong!
Unreported Friday are these chilling BLS figures:
- Total non-farm job growth (-2,018,000)
- Total employment-population job growth (-7,791,750)
- U6 unemployment (14.0%)
- Monthly “underemployed for economic reasons” growth (+19,000)
- Monthly labor force growth (-37,000)
- Monthly labor-eligible population growth (+204,000)
Yup, that’s right! There are 2 million fewer total…
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