Summary

• Over the past three months of these “strong payroll gains,” the number of full-time jobs has gone down, and total hires in May were down from a year earlier.
• The total number of employed persons, according to the household survey, is now down by 473,000 year over year and down by 989,000 over the past six months.
• Especially troubling is the fact that in May, for the second month in a row, price inflation increased more than wage growth, meaning real wages went down.

By Ryan McMaken

According to the legacy media, the May employment numbers from the Bureau of Labor Statistics were a “blowout jobs report.” That is, according to CBS, the May report showed “resilience” in the job market, and