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Employment Situation in the US Published: 2022-08-10

Headline Numbers

The Bureau of Labor and Statistics reported an increase of 528,000 jobs and a 3.5% unemployment rate in the US last week.

These numbers are the results of two surveys, the establishment and household surveys, which are usually pretty similar, however, in this report the differences were large.

The unemployment rate continues to stay low, but the change this month was the result of a decline in the participation rate.

The participation rate has rebounded strongly from the pandemic lows, but remains below the pre-pandemic range from 2014-2020.

Real wages (wages adjusted for inflation) continue to decline across all industry sectors.

Given the above data workers are certainly not driving inflation. Their wages are not keeping pace with price increases.

Anyone claiming otherwise has not actually looked at these data.

Longest Employment Trend

Overall productivity in the US declined, but workers real hourly earnings growth continues its trend over the last 50-odd years.

This is what's driving the record wealth disparity in the US.

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