Unemployment Rate Falls To 5.3 Percent, But For The Wrong Reason : The Two-Way : NPR
From the BLS report on April and May job revisions: Employment Situation SummaryThe U.S. economy keeps adding jobs at a steady pace, but the Labor Department report for June shows more people are also leaving the labor force and that wages are not rising.
The economy added 223,000 jobs last month as unemployment fell to its lowest rate since 2008, the Labor Department said Thursday. The Jobless rate dipped to 5.3 percent from 5.5 percent in May.
However, the number of net new jobs added in May was revised down to 254,000 from 280,000 previously reported. April's job gains were also revised downward.
Retailers added about 33,000 jobs in June and manufacturing grew by 4,000 but construction jobs were unchanged, the report said.
So it seems that the devil is in the details with regards to revisions in the numbers. Also, while the unemployment rate may be dropping, wages are still stagnant (as they have been for decades) which is a serious problem.The change in total nonfarm payroll employment for April was revised from +221,000 to +187,000, and the change for May was revised from +280,000 to +254,000. With these revisions, employment gains in April and May combined were 60,000 lower than previously reported. Over the past 3 months, job gains have averaged 221,000 per month.