On the surface, it was a blockbuster jobs report, certainly one which nobody expected, with the two largest US banks – JPMorgan and Goldman – both expecting a below-consensus print at 150K and 165K, respectively (well we did, and we said that the jobs print “will beat” shortly before it was published)
Starting at the top, the BLS reported that in May the US unexpectedly added a whopping 272K payrolls, not workers since the establishment survey double-counts multiple jobs even if held by the same employee, which was 50% higher than the consensus forecast of 180K and 14K more than the highest Wall Street estimate (258K from Regions Bank). more
I typed it a couple days ago, with an explanation. They’ll revise it next quarter and it will look like shit. Well it must be a total disaster because they’re already revising it. Seems all the hiring was done at fruit stands and taco bars. Except in California of course where our governor has even destroyed that market.
Whenever the govt says anything my default reaction is disbelief.
The BLM has unexpectedly revised their statistics down to reflect the actual statistics.
This preposterous jobs report sounds like something one would hear on Radio Free Albania in 1982.
@Walpurgis — LOL! But the only people for whom BLM statistics revisions are unexpected are dead people.
Paul Krugman, a dumb leftist turdball who makes a living writing lies for the NYT went absolutely gaga over this trashy jobs report.
I heard just how bad he got thrashed on talk radio on Friday. I don’t enough economics to describe the main points, but the main point is that Krugman feeds on the propaganda machine at the White House. We know what comes out of the White House. Lies commingled with Joes excrement.
@Tim B — Krugman is mostly a charlatan. He knows enough about economics to be able to write serious-sounding shit that doesn’t hold up to anything like close scrutiny. Lots of people sing his praises and always point to the fact that he won a Nobel Prize in Economics. That’s not quite true. He was awarded the Sveriges Riksbank [Swedish Central Bank] Prize in Economic Sciences in Memory of Alfred Nobel. This is given to central bank friendly econ hacks. It is NOT awarded by the same people who handle the other awards. (Side note: for some reason Alf set things up so that Norwegians and not Swedes handle the Peace prize…and they keep screwing it up badly.)
For the record, Krugman got his prize for recognizing that due to economies of scale in a world economy, countries with similar products will tend to dominate markets. To which I say, “Duh.”
“Paul Krugman, ” LOL, watch Paul anytime he has a camera on his face. Look at his eyes. He doesn’t even believe what he’s sayen. Same with that nit wit Austan Goolsbee. Neither one of these idiots could turn a profit selling ice cold bottled water on the streets of Phoenix on a 120 degree day.
I would put good money down on a bet that this Krugman idiot is also an anti-Israel Jew.
Such predictable bullshit.
Krugman’s the son of Ukrainian jews.
https://youtu.be/MNeVjVu9O6w?si=Qym7MkZZHB-v2WSu
https://youtu.be/uCGD9dT12C0?si=Ju_Pg-yZa_xAzkBy
KRUGMAN IS A COMMUNIST. The “real” answer
to the “report” is 37.