Employment Flatlines for Eleventh Month as Biden Claims Historic Job Gains

https://mises.org/mises-wire/employment-flatlines-eleventh-month-biden-claims-historic-job-gains

By Ryan McMaken

> As total (mostly part-time) "jobs" rose 273,000 in May—thanks largely to made-up numbers—total employed workers fell by 408,000 people.



Anna Wong:

> May’s jobs report presented contradictory views of the labor market, as we expected. The establishment survey shows robust gains in nonfarm payrolls — yet the unemployment rate rose to 4.0%. We believe the latter currently offers a closer approximation of reality than payrolls...




Wong:

> ...BLS’ model for estimating business births and deaths – which added 231,000 jobs to the nonfarm-payrolls print in May – is lagging the reality of surging establishment closures and falling business formation. We think the underlying pace of current job gains is likely less than 100,000 per month.