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Key Stats Of Interest (2/2): Sharp Full-Time Job Drop, Part-Time Bounce

US DATA
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Elsewhere, of interest in the Employment Report:

  • The 3M/3M annual run rate of average hourly earnings ticked up to 3.8% from 3.7% prior; for non-supervisory workers, was up to 3.6% from 3.5%. Both are well below 4+% rates seen in Q1 though and looking at a longer-term horizon the trend remains to the downside, albeit probably still too high to be of comfort to the FOMC.
  • Average weekly hours were steady at 34.3 (same as April), exactly in line with the 12-month average.
  • The Household survey showed full-time jobs dropped by 694k (+939k prior), with part-time jobs up 286k (-914k prior) - a significant role reversal vs last month, with no obvious explanation.
  • Full-time jobs have dropped by 310k this year, vs +210k for part-timers.
  • Multiple jobholders were basically steady at 8.399m.
  • Temporary help services payrolls - considered by some as a forward looking indicator for full-time labor demand - contracted for the 4th month in a row, and the 25th month in 26.

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Elsewhere, of interest in the Employment Report:

  • The 3M/3M annual run rate of average hourly earnings ticked up to 3.8% from 3.7% prior; for non-supervisory workers, was up to 3.6% from 3.5%. Both are well below 4+% rates seen in Q1 though and looking at a longer-term horizon the trend remains to the downside, albeit probably still too high to be of comfort to the FOMC.
  • Average weekly hours were steady at 34.3 (same as April), exactly in line with the 12-month average.
  • The Household survey showed full-time jobs dropped by 694k (+939k prior), with part-time jobs up 286k (-914k prior) - a significant role reversal vs last month, with no obvious explanation.
  • Full-time jobs have dropped by 310k this year, vs +210k for part-timers.
  • Multiple jobholders were basically steady at 8.399m.
  • Temporary help services payrolls - considered by some as a forward looking indicator for full-time labor demand - contracted for the 4th month in a row, and the 25th month in 26.