askchapo

500,000 new part time gigs stocking shelves on overnights at minimum wage.

anyway, i was reading some jobs report article about "unemployment" and was thinking about how the U3 definition is basically propaganda, as opposed to the U6 definition (includes part time who want to be full time) which is closer but still has major limitations, like not recognizing people employed in crappy/low-pay jobs they don't want because they can't find something suited to their professional experience/education.

you can see how the graph shows U6 unemployment rates are generally 3x as high as U3, but it would look bad to say "the unemployment rate in our way-to-tight labor market is only 12%! that's why we have to keep the interest rates so high! the economy needs to have 1/5th of the able-and-want-to-work population destitute in order for this to work, not just 1/10th!"

butu besides that, i saw this chicanery...

Data from the Bureau of Labor Statistics released Friday showed the US economy added 206,000 nonfarm payroll jobs in June, more than the 190,000 expected by economists.

wow what a windfall! that's 16k extra jobs!

The unemployment rate rose to 4.1%, up from 4% in the month prior and the highest reading in almost three years. June's job additions were a slight decline from May, which saw job gains revised down on Friday to 218,000 from the 272,000 initially reported last month. Total revisions for April and May showed the US economy added 111,000 fewer jobs than initially reported.

except the previous two months calculations were over by 50k jobs each. can't wait to see how much the june calculation is gonna be off by once we are two months down the road.