Government and healthcare sectors drive job growth, with 61% of net payrolls added in the last year. Despite a recent increase in full-time work, the economy has lost full-time jobs over the past 12 months, with all net gains in part-time employment. Employment of foreign-born workers has surpassed pre-pandemic levels, while native-born Americans lag behind. Total unemployed Americans hit a new high. Rising unemployment signals potential recession, prompting caution in financial markets.
Gov't and the gov't-dominated health care sector remain the primary source for job growth, accounting for 61% of all net payrolls added in the last year: pic.twitter.com/fium2vFbeX
— E.J. Antoni, Ph.D. (@RealEJAntoni) May 3, 2024
Even with the bump in full-time work in Apr, the economy has still lost full-time jobs over the last 12 months; all of the net job gains have been part-time work: pic.twitter.com/nhBq6ON8Nf
— E.J. Antoni, Ph.D. (@RealEJAntoni) May 3, 2024
Employment of foreign-born workers blew past pre-pandemic levels in '21 and has fully recovered to pre-pandemic trend, while employment of native-born Americans is millions below pre-pandemic trend and flat from year ago: pic.twitter.com/7mr392JzNk
— E.J. Antoni, Ph.D. (@RealEJAntoni) May 3, 2024
Total unemployed Americans increased to a new cycle high of 6,492,000 #MacroEdge pic.twitter.com/kP4ib9HCcz
— MacroEdge (@MacroEdgeRes) May 3, 2024
Rising unemployment is good news for Wall Street today,
Until it’s not.
You have to learn to ignore these momentary, emotional reactions.
Rising unemployment happens as recessions arrive. Stock markets fall 50–80% during recessions.
Ignore the insane hubris and batten down…
— Uncle Milty’s Ghost (@his_eminence_j) May 3, 2024
This is ugly.
It wouldn’t surprise me if we are already in a recession right now. We won’t know officially for a year or so.
I’m curious to see this jobs number tomorrow. pic.twitter.com/WieVwyNNHA
— QE Infinity (@StealthQE4) May 3, 2024