Three salient facts about the jobs report which make it underwhelming

  1. 3% of unemployed workers mistakenly classified themselves on the BLS survey as “employed but absent from work due to “other reasons.” The BLS caught this and noted the unemployment rate is actually 16% (not 13%) with 25.3 million (instead of 20.5) out of work if you count these misclassified workers.
  2. The private sector added 3.1 million jobs, which whittled down total job losses since March to 18.2 million. Over half of those private-sector job gains occurred at restaurants, bars, and retailers (1.74 million combined).
  3. The total number of employed people, including gig workers and part-time workers, according to the household surveys, is at 137.2 million, the lowest since October 2002. April had been the lowest since July 1999.
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