What You Probably Didn’t Hear in The Jobs Report This Month
On Friday, the US Bureau of Labor Statistics released its monthly jobs report for July. It indicated that the US economy added 528,000 new jobs during the month of July. Concurrent with that, LinkedIn reported that new hires were down for the 4th consecutive month. The data seems to be incongruent between what the government reports and what LinkedIn reports. This is what you may not know:
LinkedIn is primarily a white collar platform. The US BLS covers all jobs. Blue collar. No collar. Part time. Second jobs. Everything.
If someone takes on a part time job or a second job, they probably won’t add it to their LinkedIn profile. This is consistent with statistics that show that 44% of Americans have taken on a second job to deal with inflation and higher costs. These jobs will not appear on a LinkedIn profile because usually they do not relate to the core profession and individual has. In addition, blue collar and no collar workers are not active participants on LinkedIn. According to an article I read, approximately 300,000 of the jobs created during July were for second jobs, not primary positions.
This might explain one way that the data seems incongruent.
June is also a month where camp counselors start jobs. There is no place to look for them in the report from the government but camp counselors appear in that report.
Lastly, when we hear the word jobs, we think of full-time positions. In fact, the USB LS includes all jobs in their report. When my son did work for his school one year as a 12 year old assisting with daycare for one week, he showed up in the jobs report. If someone works 20 hours a week for a firm in Illinois, 10 hours a week for a company in Virginia, and 15 hours for a business in Texas, that is three jobs that have been created according to the Bureau and three governors will take credit for those jobs even though it is one person.
When we listen to reports about jobs, we really should find out how many people are involved and how many hours they are working before we get excited by the report.
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