The first Friday of each month, the Bureau of Labor Statistics ("the other BLS" as we like to say here at the BrianLehrerShow) releases the monthly jobs report. Here are some quick highlights from the report that we're keeping our eye on as we get ready to discuss it at 10am with Quincy Krosby. Read the full report for yourself here.
+ Topline Number, Weak Report: 80,000 jobs added, unemployment remains at 8.2% Estimates going in expected 150k or more jobs.
+ One important factor to watch are the revisions – the bureau of labor statistics is notorious for significant revisions. This time, revisions were mixed: April revised down by 11k, but May revised up by 8k.
+ Average of 75k jobs a month created over last 3 months. Some estimates are that economy would have to add almost three times that per month in order to complete the recovery over the next five years.
+ From Justin Wolfers: The public sector jobs bleed is petering out. We lost only 4k this month, after -28k last month.
+ Unemployment rates: adult men 7.8%; adult women 7.4%; teenagers 23.7%; whites 7.4% (unchanged from last month); blacks 14.4% (up almost 1% from last month) ; Hispanics 11.0%. Asians 6.3%.
+ From report: Among the marginally attached, there were 821,000 discouraged workers in June, a decline of 161,000 from a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.
+ Via Nate Silver: The household survey shows +127K jobs per month in Q2, slightly better than +75K in the establishment survey. Why the discrepancy?
+ Tweet from Dan Gross: Kind of cute and charming how many smart econo-pundit types expect this jobs market will spur Bernanke to action. Gang, he's done.