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A continued cloudy picture over jobs https://www.ft.com/content/85b4d252-f561-4aa3-9f07-64472556ae09 via @financialtimes
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Yes - payroll numbers suggest we've lost 695,000 since March.
But that figure was 730,000 last month - following some revisions
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But that figure was 730,000 last month - following some revisions
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There's the first sign in monthly data (always can be a blip) of the official unemployment rate rising
Even more so in weekly data (up to almost 5%)
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Even more so in weekly data (up to almost 5%)
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Hours are staging a recovery - still about 10% down on pre-pandemic level, but way above April.
But this is where we see big distributional shifts (here self employment is suffering)
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But this is where we see big distributional shifts (here self employment is suffering)
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Also hitting the young and part-timers
So - if you've had a stable job and are a millennial, you've been fine, but younger, older, self-employed, or part-time, you've got a lot more to worry about
ENDS
So - if you've had a stable job and are a millennial, you've been fine, but younger, older, self-employed, or part-time, you've got a lot more to worry about
ENDS
