No. 953-B: May 2018 Employment and Unemployment, April Construction Spending

(SGS Subscription required) • Massive Inconsistencies Arise in the Headline Household-Survey Numbers Due to Severity of Great-Recession Increase in Discouraged and Displaced Workers
• Despite Historically-Low Unemployment Rates, the Number of Discouraged Workers and those Wanting a Job Are on the Rise
• May 2018 Participation Rate and Employment-Population Ratio, Which Are Traditional Measures of Labor-Market Health, Remained Consistent with Unemployment Much Closer to a Record High of 10% than a Record Low of 3.8%; Headline Circumstance Could be Supporting a Further 11.1 Million Employed
• May U.3 Unemployment Declined to 3.8% (3.75%), Lowest Rate Since April 2000, at the First Decimal Point, at a Post-1994 (Modern-Series) Record Low, at the Second Decimal Point; Otherwise at the Lowest Level Since December 1969
• On Top of U.3, May U.6 Unemployment Declined to 7.59%, from 7.79%, On Top of U.6, ShadowStats-Alternate Unemployment Eased to 21.4%, from 21.5%, Still Tempered by Long-Term Discouraged and Displaced Workers
• May Payroll Jobs Gained 223,000 (up by 238,000 Net of Revisions), but with Annual Growth of 1.61% Still in Recession-Signal Territory
• Real Construction Spending Held Shy of Its Pre-Recession Peak by 19.5% (-19.5%), Despite Increased Headline Activity in April 2018, and in the Context of Unstable Reporting and Pending Benchmark Revisions

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