{"id":2977,"date":"2010-06-07T10:35:01","date_gmt":"2010-06-07T10:35:01","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2977"},"modified":"2025-03-27T15:49:01","modified_gmt":"2025-03-27T15:49:01","slug":"us-labour-market-improvement-on-track","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2977","title":{"rendered":"US labour market improvement on track"},"content":{"rendered":"<p>Friday&#8217;s US employment numbers for May were reported as being disappointing because of a smaller-than-expected gain in private-sector payrolls. A revival in private employment incomes is a necessary component of a sustainable economic recovery.<\/p>\n<p>The reaction, however, looks exaggerated, for three reasons. First, the small May rise followed strong gains in March and April, so the three-month increase remains solid at 0.4%, or 1.6% annualised.<\/p>\n<p>Secondly, employees worked longer hours on average in May, compensating for the smaller jobs increase. Aggregate private-sector hours have risen by an unusually-strong 1.3%, or 5.4% annualised, over the last three months &ndash; see first chart.<\/p>\n<p>Thirdly, an alternative measure of private-sector employee jobs derived from the monthly household survey shows a stronger recent gain &ndash; second chart. This measure is more volatile but may be a better indicator around turning points in the cycle, partly because it should pick up trends in smaller firms that are underrepresented in the payrolls survey.<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/us-private-070610.gif?__SQUARESPACE_CACHEVERSION=1275907424623\" alt=\"\" \/><\/span><\/span><br \/><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/us-private2-070610.gif?__SQUARESPACE_CACHEVERSION=1275907440444\" alt=\"\" \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Friday&#8217;s US employment numbers for May were reported as being disappointing because of a smaller-than-expected gain in private-sector payrolls. A revival in private employment incomes is a necessary component of a sustainable economic recovery. The reaction, however, looks exaggerated, for three reasons. First, the small May rise followed strong gains in March and April, so [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2977","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2977"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2977\/revisions"}],"predecessor-version":[{"id":5286,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2977\/revisions\/5286"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}