1
Comments on May Employment Report
The headline jobs number at 75 thousand for May was well below consensus
expectations of 180 thousand, and the previous two months were revised down
75 thousand, combined. The unemployment rate was unchanged at 3.6%. Overall
this was a weak report.
Earlier: May Employment Report: 75,000 Jobs Added, 3.6% Unemployment Rate
In May, the year-over-year employment change was 2.350 million jobs. That
is decent year-over-year growth.
*Average Hourly Earnings*
Wage growth was below expectations. From the BLS:
"*In May, average hourly earnings for all employees on private nonfarm
payrolls ... more »
Yes
2
Employers Added 75,000 Jobs in May; Unemployment Rate Steady at 3.6%
The government report on Friday showed a sharp decline in the pace of
hiring, adding to concern that the economy is slowing.
Paul Krugman Retweeted
Here is the puzzling/troubling trend line on nominal wage growth. This could all turn out to have been noise in the data, but for now it is certainly looking like all the celebrations of accelerating wages six months ago (mine included) were premature.
3
May Employment Report: 75,000 Jobs Added, 3.6% Unemployment Rate
From the BLS:
*Total nonfarm payroll employment edged up in May (+75,000), and the
unemployment rate remained at 3.6 percent*, the U.S. Bureau of Labor
Statistics reported today. Employment continued to trend up in professional
and business services and in health care.
...
The change in total nonfarm payroll employment for March was revised down
from +189,000 to +153,000, and the change for April was revised down from
+263,000 to +224,000. *With these revisions, employment gains in March and
April combined were 75,000 less than previously reported*.
...
In May, average hourly earni... more »
a small gain.
4
What to Expect From the May Jobs Report
Analysts are looking for healthy gains, but wild cards like census hiring
and the trade wars make the data especially hard to predict.
The report is out. No need to guess.
5
What Is the Hyde Amendment? A Look at Its Impact and History
For years, repealing the measure was not part of the political
conversation. But now, almost every Democratic presidential candidate is
calling for it.
The Hyde amendment is an attempt to enlist racism in the cause of anti-abortion.
6
Trump Allows High-Tech U.S. Bomb Parts to Be Built in Saudi Arabia
Tucked into the administration’s emergency order to sell arms to Saudi
Arabia is approval for Raytheon to build key components of precision-guided
bombs with Saudi partners.
I don't understand this move.
Trump is trying to buy Saudi.
7
Trump’s Twists on Confronting Iran Confound Allies in Europe
President Trump has taken a middling route toward Iran, neither avidly
supporting diplomacy nor wanting to be so confrontational to provoke Tehran
into lashing out.
Iran is not to be pressured further on its nuclear program or its hostility to Saudi.
8
Trade Wars Stoke Economic Fear as G-20 Finance Ministers Gather in Japan
Treasury Secretary Steven Mnuchin will meet China’s central bank governor
in the first meeting of senior officials from the countries since trade
talks broke down.
The world is not as Trump wishes.
9
Few Talked About Race at This School. Then a Student Posted a Racist Slur.
When white students at a Minnesota school posted a slur to Snapchat, black
classmates demanded action. Their efforts led to uncomfortable
conversations about race.
Reconstruction ended with an imposition of a cast system on a welcoming white population.
10
On Politics: Biden Reverses Hyde Stance
NYT > Politics - 10 hours ago
The Hyde Amendment bans most federal funding for abortion, and Mr. Biden’s
support had been subject of criticism from fellow Democrats.
The facts of the Democratic party coalition are made plain to all.
11
Joe Biden Denounces Hyde Amendment, Reversing His Position
Mr. Biden had been one of only a few Democratic politicians who supported
the amendment, which bans most federal funding for abortion.
The facts of the Democratic party coalition are made plain to all.
12
Michael Bloomberg Promises $500 Million to Help End Coal
The pledge by the former New York City mayor is part of an effort to close
every coal-fired power plant in the United States and halt the growth of
natural gas.
Michael R. Bloomberg has realized his business is threatened by rising water.
13
Friday: Employment Report
My May Employment Preview
Goldman: May Payrolls Preview
Friday:
• At 8:30 AM, *Employment Report* for May. The consensus is for 180,000
jobs added, and for the unemployment rate to increase to 3.7%.
https://twitter.com/paulkrugman/status/1137379253799047174
https://twitter.com/paulkrugman/status/1137383734334955520
14
Marine Pleads Guilty to Hazing Death of Green Beret in Mali
Staff Sgt. Kevin Maxwell Jr. told a military court that he and three other
American commandos engaged in hazing during which the soldier was strangled.
Interservice rivalries.
15
Joe Biden Denounces Hyde Amendment, Reversing His Position
Mr. Biden had been one of only a few Democratic politicians who supported
the amendment, which bans most federal funding for abortion.
Yes
16
House Plans Vote to Fight Barr in Court but Back Off Contempt
House Democrats revealed a resolution up for a vote next week to take
Attorney General William P. Barr and the former White House counsel Donald
F. McGahn II to court.
Contempt of Congress has become an empty threat.
17
Listen to Trump’s Lawyer Make Appeal After Flynn Agreed to Cooperate With Mueller
The voice mail message reveals how the president’s former lawyer John Dowd
broached the prospect of a pardon for the former national security adviser.
It is about as damning as hearsay gets.
18
Joe Biden’s Old-Fashioned Campaign
In the On Politics newsletter: Some of the former vice president’s
positions seem more in line with the Democratic Party of 2007.
Joe Biden is running a traction engine campaign.
https://en.wikipedia.org/wiki/Traction_engine
19
Automakers Tell Trump His Pollution Rules Could Mean ‘Untenable’ Instability and Lower Profits
In a letter signed by 17 industry giants including Ford, General Motors and
Toyota, the firms asked Mr. Trump to go back to the negotiating table.
Regulation is a regulatory shelter.
Big engine skills are not current.
20
Tariff Threats Aside, the Senate Is Where Action Goes to Die
Mitch McConnell, the “grim reaper,” has made the Senate the place where
legislation goes to die, so the chances that the chamber blocks President
Trump’s tariffs on Mexico are slim.
The point is moot.
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