As we reported previously [2], and as hardly anyone else will discuss, in June the composition of added jobs was rather abysmal: according to the Household survey, while over half a million full-time jobs were lost, this was offset by less paying, benefits-free part-time jobs rising by 799K, the most since 1993. So what does that mean for the job quality as reported by the Establishment Survey. Let's dive in.
Of the 288K jobs added in June, here were some of the biggest contributors:
- Retail Trade: 40.2K
- Leisure and Hospitality: 39K
- Education and health: 38K
- Government: 26K
- Temp Help Service: 13.1K
What about the well-paying jobs? Well, here they are:
- Professional business services: 53.9K
- Financial Services: 17K
- Manufacturing: 16K
- Information: 9K
- Construction: 6K
And there, again, us why cost-push inflation may be spreading (especially after one buys record expensive burgers and pays the highest gas bill since 2008 for the July 4th weekend) but wage inflation is nowhere to be found.
