'Can't Stop, Won't Stop': Economists React To June Jobs Report On Twitter
Revisions in June subtracted 74,000 jobs from the previous two months' jobs reports.
Leisure and hospitality enjoyed significant gains in June, adding 67,000 jobs, 41,000 of which were in food services and drinking places. Employment in leisure and hospitality, however, is still down by 1.3 million jobs when compared to February 2020.
The manufacturing industry added 29,000 jobs in June and has fully returned to its February 2020 employment level. Transportation and warehousing added 36,000 jobs in June, and now has 759,000 more jobs than it did prior to the pandemic in February 2020.
Here's how economists and others reacted to the June jobs report on Twitter.
The job growth train can't stop, won't stop.— Neil Irwin (@Neil_Irwin) July 8, 2022
The deceleration to ~+270k jobs added that forecasters expected to see just didn't happen.
Economy added 372k jobs in June, beating consensus. The labor market is not even remotely suggesting recession.— Adam Ozimek (@ModeledBehavior) July 8, 2022
Today's jobs report showed 372,000 jobs added in June and wage growth continuing to moderate. This means the Fed does not need to raise interest rates further to contain inflation. https://t.co/jz2bdZEyGK— Economic Policy Institute (@EconomicPolicy) July 8, 2022
#jobsday Another really great jobs report, 372k jobs is a record month for a recession. More importantly, wage growth is slowing — can't have a wage-price spiral with slowing wage growth. This means Fed can ease up with interest rate hikes.— Dean Baker (@DeanBaker13) July 8, 2022
Where were the jobs in June?— Heather Long (@byHeatherLong) July 8, 2022
Wholesale trade +16,000
Arts & recreation +12,000
**Day care +11,000**
The private sector has now gained back all of the jobs it lost in the recession. State and local governments have gained back just 55.8%. Folks, we have to push state and local governments to use their ARPA funds to raise pay and hire workers. 7/— Heidi Shierholz (@hshierholz) July 8, 2022
The June jobs report had strong, broad based job gains w/ no signs of a wage price spiral as wage gains slowed again (this won't stop a Fed focused on expectations). Lower wage workers still getting the biggest raises by far bodes well for the resiliency of the US economy pic.twitter.com/H24sg8MDTN— Dr. Julia Coronado (@jc_econ) July 8, 2022
Job growth has decelerated a smidge and this is likely to continue:— Aaron Sojourner (@aaronsojourner) July 8, 2022
524K/mo over most-recent 12 months
457K/mo over most-recent 6 months
375K/mo over most-recent 3 months
372K this past month
So, a deceleration in recent months but steady this month & growth remains robust. pic.twitter.com/ibHpXetcjH
#JobsDay: Data show gains for women in all major sectors, inc.— IWPR (@IWPResearch) July 8, 2022
109k more jobs in Education & Health Services (men lost 13k), 56k more in Leisure & Hospitality (men gained 11k), 31k more in Retail (men lost 15.6k), & 24.7k more in Transportation & Warehousing (men gained 10.8k). pic.twitter.com/7mGwu6yxBQ
In sum,— Aaron Sojourner (@aaronsojourner) July 8, 2022
- rapid improvement in the labor market is easing but direction of change remains positive so far,
- nothing here says recession, everything compatible with soft landing so far,
- in medium-run, scope to expand supply & get growth & price stability.