BOOM! US jobs CRUSH expectations again!! Nonfarm payrolls expanded by 353,000 for the month, much better than the Dow Jones estimate for 185,000, the Labor Department’s Bureau of Labor Statistics reported Friday. The unemployment rate held at 3.7%, against the estimate for 3.8%.
Wage growth also showed strength, as average hourly earnings increased 0.6%, double the monthly estimate. On a year-over-year basis, wages jumped 4.5%, well above the 4.1% forecast.
While the report demonstrated the resilience of the U.S. economy, it also could raise questions about how soon the Federal Reserve will be able to lower interest rates.
Job growth was widespread on the month, led by professional and business services with 74,000. Other significant contributors included health care (70,000), retail trade (45,000), government (36,000), social assistance (30,000) and manufacturing (23,000).
Link: https://lnkd.in/eKTA7g65
My take: All my buddies on chat group were razzing me and Trahan this morning saying the US economy is "on fire" and no recession on deck. I said I'm beginning to think the Dems are cooking the books (double counting jobs) going into fall elections and find it hard to believe that all those interest rate hikes have yet to be felt in the jobs data.