ECONOMY SPROUTS 372,000 NEW JOBS IN JUNE

U.S. employers added 372,000 new workers last month, sustaining the previous three months’ average of more than 350,000 additional jobs per month, The Wall Street Journal noted, but easing off highs touched early this year.

Analysts surveyed by Bloomberg had predicted an average of 268,000 new slots.

June’s figure was slightly down from May’s revised total of 384,000 new jobs.

Unemployment remained at 3.6 percent for a fourth consecutive month, close to the 50-year low reached in early 2020.

In June, hiring was broad. Every economic sector added jobs except the government, which shed workers.

Transportation and warehousing added workers despite a slowdown in consumer spending.

Leisure and hospitality businesses are still struggling with a shortage of workers, although the sector has partially recovered from the catastrophic losses it suffered during the COVID War’s lockdown.

Although more people were working, the labor force itself shrank slightly: 62.2 percent of adults were working or looking for a job, compared to 62.3 percent in May.

The loss of active potential employees was broad and included men, women, Baby Boomers, and adults ages 25 to 55.

Open jobs continue to outnumber willing or available workers, indicating the labor market does not share equity markets’ recession worries, the WSJ said, despite the U.S. economy contracting by 1.6 percent in this year’s first quarter.

The average U.S. wage grew 5.1 percent during the 12 months ending 30 June, the U.S. labor department reported, which is likely to encourage the U.S. Federal Reserve to stick to its announced plan to jack its key interest rate by three-quarters of a point later this month.

“The labor market is cooling but it’s far from going into a freeze,” Sarah House, Wells Fargo’s senior economist, told the WSJ.

“It’s hard to get a broad retrenchment in [economic] activity when you have 372,000 more individuals receiving a paycheck,” she said.

Hiring will continue to be robust, especially in services, she predicted.

The economy continued to shrink in the second quarter, losing 1.2 percent, according to a benchmark model maintained by the Federal Reserve Bank of Atlanta.

TREND FORECAST: The higher and faster the Federal Reserve raises interest rates, the fewer jobs will be created and the deeper the economy will sink.

Some 70 percent of America’s Gross Domestic Product is consumer driven, thus, the more that are out of work, the less products they buy. In fact, it is already showing up in the data as consumer goods imports fell $6.3 billion in June.

Beyond the consumer sector, but related to their spending, industrial supplies and materials slumped $5.3 billion and finished metal shapes plunged $5.6 billion.

And what is barely mentioned are the tens of millions that have quit the workforce when politicians launched the COVID War who don’t want to go back to the lousy jobs they realized they hated when they were locked down and not allowed to go to work.

This is unprecedented in world history, as is the incalculable destruction caused by the draconian lockdowns.

Not only did the masses march off to their “leaders” orders… those refusing to get the drug dealers’ Operation Warp Speed gene therapy jab injected into their body were fired. No Jab, No Job. See: