Also in this playlist...
This transcript is automatically generated
Still struggling -- -- -- and -- DC bureau and -- hasn't guessed that Keith -- case of former.
A commissioner of the bureau labour statistics of this should give us an idea maybe a follow up on what we've been talking about but these numbers and some perspective so -- take -- away rich.
Hi thanks Connell and we are here with keep -- a couple of months ago you're one of the first guys to look at these numbers.
Now that you seen them like the rest of us at 830 as -- earlier first impression is there anything good in here.
Let's say if it's disappointing but there's not bad news in here.
You need obviously -- having me the job growth slow like it has it's sort of a trend of slowing job growth that's that's a little concerning and having the downward revision.
I guess that don't -- glimmer of good news I suppose is some of that drop in the labor force from last month.
Was which regained.
That's that's probably responsible for the uptick in the unemployment.
It is not bad news -- look at 69000.
Last last month to downward revision there.
Is it not bad news in European not because it's just we are at such a modest level of job growth now that it is -- bar low.
Yeah I think that's -- the bar is kind of low unite it it's it's.
It's a bad trend that is slowing and is now below votes for the magic 130000 jobs a month which is what you need to normally accommodate a growing population growing labor force.
Do we look at the later participation rates some and it has been gradually trending down of the last decade ever since the recession hit has really gone into high -- This is the rate of people who who are participating in the labor force it means they are of age to work and they either have a job -- looking for a job.
Some more folks participating two tenths of a percent up in the month of may compared to April.
-- that good news or is this just a statistical anomaly considering we've had such anemic job growth.
Yeah it it's now looks and looking like it might -- a little bit of a statistical anomaly because it did take down last month by a couple of tenths of a percentage points -- sort of gone bad cops I think part of what it means is that drop.
Last month wasn't real and and and you look at the U six number and that -- that the -- the opposite -- the same reflection.
Folks who -- do you take unemployment rate you take people who are under employ better just stop looking for work.
That's increased you would think.
These numbers are necessarily.
In concert with one another and again does that go back to the fact that that it's just tough to take one month at a time.
When it comes to these two statistics that's right that's right you need another look at the month but you need also think about the trend how that's been looking all over time.
What breaks this trend -- -- it you know here we are -- a couple of months ago we're looking at 200000 plus jobs.
Now -- or south of a 100000.
What breaks -- think.
Really what what we really need to really make your recovery something like a quarter million jobs -- month.
And we had briefly had that -- kind of job growth from December through February.
And that was encouraging but we need that for a year two years three years to really get get out of this -- this very depressed from.
And and it have you before seeing something where.
Where jobs have kicked up like this and -- maintain that did you think for a while.
At the end of last year in the earlier part of this year that we were breaking that trend and then we would we would actually build on the momentum or we are we stuck here.
For actually looks like we had a we have a couple of false starts were thought we were really starting to get some genuine job growth it just wasn't sustained.
And and a lot of it is is is.
Is -- normal normal fluctuation.
But really what considering you really need strong growth in the economy maintain growth to really get the job growth -- -- -- and former BLS commissioner -- -- thanks so much for joining us and come back to you yeah one point 9% Todd no we're not -- that strong growth threats that.
Filter by section