The May Employment Situation Report released by the Bureau of Labor Statistics (BLS) handily beat expectations, with the U.S. economy adding 172,000 nonfarm payroll jobs. Economists had forecasted a much more modest gain of roughly 80,000 to 85,000 jobs, making this a significant upside surprise.
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Numbers are funny things. Even though they appear to be absolute, a clever manipulator can twist them to make pretty much any point he wants to make. Take President Trump’s statement from February: “Ninety-four million Americans are out of the labor force.” It might seem preposterous but it is correct, as the great sage Obi-Wan-Kenobi once said, “from a certain point of view.”
It is the number you get if you take the total U.S. population 16-years of age and older and subtract the people the BLS says are in the labor force. That number includes everyone who is retired, and most high-school, college, graduate or vocational school student. It also includes the disabled, homemakers, some self-employed and those living off their investments.
My guide to reporting the employment report continues at businessjournalism.org….
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