'Whistling Emoji': Economists React To The June Jobs Report On Twitter
Total nonfarm payroll employment rose by 850,000 jobs in June, the U.S. Bureau of Labor Statistics reported Friday.
The unemployment rate went from 5.8% in May to 5.9% in June.
The sector seeing the most job growth continues to be leisure and hospitality, which added 343,000 jobs in June, most of which were in food and drinking places.
Other industries seeing gains include education and retail trade. Retail trade added 67,000 jobs in June, meaning employment in the sector is down 303,000 jobs, or 1.9%, since February 2020.
Construction employment fell by 7,000 jobs in June. The industry now has 238,000 fewer jobs than it did in February 2020.
Here's how economists and others reacted to the June jobs report on Twitter.
[whistling emoji] https://t.co/1FgWLT7xh1
— Michael Madowitz (@mikemadowitz) July 2, 2021
Welcome to another Job's Day.
— Chabeli Carrazana (@ChabeliH) July 2, 2021
The U.S. economy added 850,000 net jobs last month — the strongest month of job growth this year so far.
405K of those went to women. 445K went to men.
850k jobs is a significant uptick in job growth, increasing the speed of the recovery. Average monthly job growth over the last three months comes in at 567k. At that pace, we will likely get down to 4% unemployment this time next year with a full recovery by the end of 2022.
— Elise Gould (@eliselgould) July 2, 2021
5/n
At the current 3 month moving average of payroll gains, we’ll get back to pre-crisis trend in 2 years.
— Nick Bunker (@nick_bunker) July 2, 2021
That pace of progress would blow the last recovery out of the water. But not clear it’s as fast as we can go. pic.twitter.com/IZM2GjCc4X
It’s Jobs Day!
— C. Nicole Mason, PhD (@cnicolemason) July 2, 2021
Women gained 48% of all new jobs—405K
Women’s jobs on payroll are still 3.8 million below pre—COVID-19 level.
Childcare sector jobs still lagging.
Unemployment rate for Black & Latino women still higher than for all women.
The #labor force participation rate didn't budge last month; expiring #unemployment insurance benefits and school reopenings should lift this level in the months ahead. pic.twitter.com/eY48No8wsX
— Carl R. Tannenbaum (@NT_CTannenbaum) July 2, 2021
#jobsday restaurants and hotels added 343k — guess they were able to find help after all
— Dean Baker (@DeanBaker13) July 2, 2021
The key jobs day takeaway: Higher wages work.
— Heather Long (@byHeatherLong) July 2, 2021
Leisure & hospitality pay jumped 3.6% in past 3 months
Leisure and hospitality accounted 40% of the job gains
Pay is up ~$1.30 above pre-pandemic ratehttps://t.co/ZAu0P4ZzbF pic.twitter.com/3UCjXQUpox
The average hourly earnings of production and nonsupervisory workers in manufacturing rose from $23.60 in May to $23.75 in June, with a whopping 5.0% increase over the past year, up from $22.62 in June 2020. pic.twitter.com/8iAPKUNWKZ
— Chad Moutray (@chadmoutray) July 2, 2021
Another sign of some normalcy: working from home down by half from the peak.
— Jed Kolko (@JedKolko) July 2, 2021
Not just compositional shifts: down by more half in mgmt/prof jobs, too. pic.twitter.com/5G53hGT4w4
Remote work % down to 14.4. Important to realize that as businesses implement long-term remote plans, this rate will fall because the question is about remote working "because of the coronavirus pandemic"
— Adam Ozimek (@ModeledBehavior) July 2, 2021
#COVID19 upended life, including how we worked. Many firms worked remotely in ways previously unimaginable. Now, though, workers are returning and rumors of central business district death is greatly exaggerated. This has positive implications for retail and L&H.#JobsReport pic.twitter.com/5vJC2ANGcz
— Constance L Hunter (@ConstanceHunter) July 2, 2021
Another encouraging sign: Child care and hospitality, two of the fields that employ the most women, are both adding jobs.https://t.co/9secwYWE7y
— Chabeli Carrazana (@ChabeliH) July 2, 2021
Construction employment fell a bit. Home builders are posting projects due to material and labor shortages. A jump in prices and lack of supply has also soured buyer attitudes. The urgency to buy has subsided with a return to offices and prospect of full school reopening.
— Diane Swonk (@DianeSwonk) July 2, 2021
The good news: Jobs are plentiful. Wages are rising. 850,000 job gains in June
— Heather Long (@byHeatherLong) July 2, 2021
The worrying trend: Labor force participation isn't going up and we still have 9.5 million unemployed
My take:
**There's still a great re-assessment of work post-pandemic. Many don't want old job** pic.twitter.com/N0PlpQs7jJ
In sum
— Aaron Sojourner (@aaronsojourner) July 2, 2021
- labor market recovery continues or strengthens, along with public health,
- both supply & demand are increasing rapidly. Forming new matches require lots of learning & trust,
- we remain deep in the hole with a long way to go before full employment. We can do better.
Closing thoughts on #JobsReport:
— Daniel Zhao (@DanielBZhao) July 2, 2021
-Stronger payroll gains are sign recovery is accelerating modestly, despite weak household figures
-Potential for further acceleration in coming months but still a long way to go
-Pandemic is still going on: don't be surprised by surprises
16/16
