The Bureau of Labor Statistics (BLS) Home Survey for July 2022, seasonally adjusted, measured an increase of 179,000 jobs in July, NOT the 528,000 in the BLS Payroll Survey of employers.
Further, the Household Survey shows that increase is all-in part-time jobs of various sorts.
In the Home Survey, regular full-time employment (seasonally adjusted) actually dropped again, dropping another 17,000 to 132,577,000.
The Federal Reserve Board may use the Payroll Survey figures as another excuse to raise interest rates, but it is not because they are real. Any more than inflation was “transitory.”
The Home Survey also captured an increase in:
- The number of people employed part time "for economic reasons" (seasonally adjusted) increased by 303,000 to 3,924,000. This means these citizens had no choice but to accept part time work instead of full-time work. https://fred.stlouisfed.org/graph/?id=LNS12032194
- The number of people working two full time jobs increased again by 7,000 to 433,000. (This figure is not available as "seasonally adjusted”) This reflects workers and their families who are desperately scrambling to keep up with real 20%+ inflation in basics.
- The biggest increase in jobs created (seasonally adjusted) was in "multiple job holders" of all kinds, which increased 92,000 to 7,633,000. As the man said, “Jobs? Oh yeah, I have four of them.” https://fred.stlouisfed.org/graph/?id=LNS12026619,LNU02026628
The BLS Home Survey, by going to a 'statistically significant' array of homes every month, attempts to capture a broader swath of the workforce, including those who might be working as nannies, casual workers, gig workers, etc., who are not on an official employer payroll.
The White House is taking big victory laps over their fake news. Desperate to invent accomplishing something for the Midterms, they claim that the fake news proves we’re not in a recession. They claim this as raging inflation devours the remaining savings and credit held by the working and middle classes.