New federal jobs numbers shed light on state of economy

The first Friday of the month comes the latest set of employment numbers from the U.S. Department of Labor.

Russell Weaver, an economic geographer at Cornell University, told Spectrum News 1 that this jobs report, which showed an increase of 272,000 jobs – more than the 180,000 expected – could show signs of “economic distress” and a mismatch between employer and household figures. .

In May, a sample of employers reported the creation of 272,000 jobs, which was higher than the 180,000 expected. However, the household data sample showed that 400,000 people reported not being employed, raising the unemployment rate from 3.9% to 4%.

Weaver said this disconnect could mean more people are working part-time or working multiple jobs to make ends meet, which could be a sign of economic distress.

The numbers tell one side of the story. Some employers struggle to recruit employees and meet salary and benefits expectations.

Colleen Burst of Palenville Auto in Greene County says her new auto store is struggling to balance the effects of inflation with the higher salary expectations of potential employees. Burst added that finding qualified candidates has been difficult in this market.