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June Jobs Report: Great Headline, But Once Again, Where Are The Wages?

Hale Stewart profile picture
Hale Stewart

By New Deal Democrat


  • +222,000 jobs added

  • U3 unemployment rate rose +0.1% from 4.3% to 4.4%

  • U6 underemployment rate rose +0.2% from 8.4% to 8.6%

Here are the headlines on wages and the chronic heightened underemployment:

Wages and participation rates

  • Not in labor force, but want a job now: down -130,000 from 5.561 million to 5.431 million

  • Part time for economic reasons: up +107,000 from 5.219 million to 5.326 million

  • Employment/population ratio ages 25-54: up +0.1% from 78.4% to 78.5%

  • Average weekly earnings for production and non-supervisory personnel: up $.04 from $21.99, to $22.03, up +2.3% YoY. (Note: you may be reading different information about wages elsewhere. They are citing average wages for all private workers. I use wages for non-supervisory personnel, to come closer to the situation for ordinary workers.)

Holding Trump accountable on manufacturing and mining jobs

Trump specifically campaigned on bringing back manufacturing and mining jobs. Is he keeping this promise?

  • Manufacturing jobs rose by +1,000 for an average of +2000 vs. the last seven years of Obama's presidency in which an average of 10,300 manufacturing jobs were added each month.

  • Coal mining jobs were unchanged for an average of +200 vs. the last seven years of Obama's presidency in which an average of -300 jobs were lost each month

April was revised upward by +33,000. May was also revised upward by +14,000, for a net change of +47,000.

The more leading numbers in the report tell us about where the economy is likely to be a few months from now. These were mainly positive.

  • The average manufacturing workweek rose +9.1 hour from 40.7 hours to 40.8 hours. This is one of the 10 components of the LEI.

  • Construction jobs increased by +16,000. YoY construction jobs are up +206,000.

  • Temporary jobs increased

This article was written by

Hale Stewart profile picture
Hale Stewart spent 5 years as a bond broker in the late 1990s before returning to law school in the early 2000s. He is currently a tax lawyer in Houston, Texas. He has an LLM in domestic and international taxation (MagnaCumLaude). He is the author of the book The Lifetime Income Security Solution. Follow me on Twitter at @originalbonddadYou can read his legal analysis on his law office's blog.

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