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‘That’s Not The Whole Story’: Seemingly Rosy Jobs Report Reveals Worrying Workforce Trends, Economis

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‘That’s Not The Whole Story’: Seemingly Rosy Jobs Report Reveals Worrying Workforce Trends, Economists Say


Jason Cohen
Contributor
June 03, 2023 11:41 AM ET


The U.S. economy added significantly more jobs than anticipated in May, but key data in the latest jobs report reveals cause for concern, economists told the Daily Caller News Foundation.

The country added 339,000 jobs in nonfarm payroll employment in the establishment survey, which collects data from nonagricultural businesses, according to Bureau of Labor Statistics (BLS) data published on Friday. The household survey, which collects data from households, revealed some indications that the economy is headed in a worrisome direction, according to experts who spoke to the DCNF.

“While the headline jobs number blew away expectations, that’s not the whole story,” E.J. Antoni, research fellow for Regional Economics at the Heritage Foundation’s Center for Data Analysis told the DCNF. “When the report is viewed wholistically, as opposed to cherry picking a single datum point, it is further evidence that we are headed toward recession.”

The household survey showed that the number of Americans working multiple jobs went up and unincorporated self-employment went down, according to the BLS data. “When people move from self-employment to working for a business, or when they take a second (or third) job, that increases nonfarm payrolls, even though the actual number of people employed hasn’t changed,” Antoni told the DCNF.

The household survey does not count any “duplication of individuals” because they are only counted one time, regardless of how many jobs they work, according to the BLS.

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https://dailycaller.com/2023/06/03/thats-not-the-whole-story-seemingly-rosy-jobs-report-reveals-worrying-workforce-trends-economists-say/

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