Payrolls Rise 206K After Huge Downward Revisions As Unemployment Rate Jumps 4.1%, The Highest In Three Years (Real Wage Growth Rises A Measly 0.8% YoY)

Like a bad “good news, bad news” joke,. June employment numbers are out from the Feral governement. The good news? Jobs added increased by 206k, more than expected.

The bad news? The unemployment rate hit 4.1%, the highest in 3 years.

Meanwhile, 1/3rd of jobs created were NON-PRODUCTIVE government jobs.

Since June 2023, the US has added 1.8 million part-time jobs and lost 1.6 million full time jobs.

While nominal wage growth grew, REAL wage growth rose a measly 0.8% YoY.

The share of total new worth held by the top 1% is 30.4% while the total net worth held by the bottom 50% is a measly 2.5%.

So much for politicians’ promises to make everyone equal in wealth! Oddly, they keep getting wealthier and the bottom 50% keep losing ground.