AFMC - Full-Time Jobs Fall Again As Total Employment Flatlines In April

2024-05-06 09:00:00 ET

Summary

• The new reported job growth was considered a 'miss' in that it came in below expectations, and for the first time in months, the media did not declare the jobs report to be 'a blowout' or 'strong.'
• If we look more closely at this report, what we really find is that the total number of employed persons has flatlined while half a million full-time jobs have disappeared over the past year.
• Consumers should get used to ongoing price inflation.

By Ryan McMaken

According to a new report from the federal government’s Bureau of Labor Statistics this week , the US economy added 175,000 jobs for the month of April while the unemployment rate rose slightly to 3.9%. The new reported job growth was considered a “miss” in that it came in below expectations, and for the first time in months, the media did not declare the jobs report to be “a blowout” or “strong.” Instead, the official narrative seemed to be that the “slowing economy” will bring down CPI inflation, and thus the Federal Reserve will soon force interest rates back down and bring about the fabled “soft landing.” Not surprisingly, then, the lackluster jobs report led to a rally in stocks, as Wall Street anticipates a Fed rate cut ....

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