Yobs Report…

October 06, 2023

by Karl Denninger Market-Ticker.org

Total nonfarm payroll employment rose by 336,000 in September, and the unemployment rate was unchanged at 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in leisure and hospitality; government; health care; professional, scientific, and technical services; and social assistance.

Really?

The unadjusted (Table A-1) data shows a gain of 242,000 and, quite-strikingly, 546,000 people decided to couch-surf instead of work (that’s “NILF”, or “not in labor force”.)

Wages have gone stagnant at the lower end, but hours worked appear to be up a bit, as checks were slightly higher — more than accounted for by wages. This is particularly interesting (and does not compute!) given the claimed gains in leisure and hospitality, which is that lower bracket.

Hmmmm….