- Of the 850,000 new June jobs, 62.2% (529,000) were in the low-wage (<$500/wk) hospitality sector and government, and mostly returning employees, not "new" jobs, per se.
- Jobs in other sectors were excellent if this were an ordinary time. But in a supposed recovery, they are disappointing, particularly in the higher wage sector (Manufacturing jobs actually declined).
- Three- and six-month average jobs are improved but not sufficient to say the economy is "booming".
- Job openings and available workers are approaching a 1:1 ratio, which speaks to likely higher wages and a risk of cost-push inflation.
- The employment to population ratio remains below pre-pandemic levels.
For further details see:
June Jobs Are Mostly In Low-Wage And Government; Evidence Of 'Strong Recovery' Remains Elusive