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Platypus Economics with Justin Wolfers Podcast
June Jobs Report: Not Sinking, But Not Surging. Just Treading Water. | Diving In

June Jobs Report: Not Sinking, But Not Surging. Just Treading Water. | Diving In

Platypus Economics with Justin Wolfers vor 1 Monat

0:00

10:58

Is a “bad” jobs number is closer to normal than you think?

In this 10-minute breakdown, Justin Wolfers explains how to read
the latest jobs report without overreacting to a single headline.
June payroll growth came in at 57,000, which looks weak by the
standards of a few years ago. But those older standards may no
longer fit an economy with slower population growth and lower
immigration. The labor market may now need only around 60,000 new
jobs a month to stay in balance.

Justin also discusses what’s really driving the labor market. The
answer is not manufacturing, but healthcare and social
assistance. In fact, more than 100% of net job growth since
January 2025 has come from those sectors alone, while the rest of
the economy has lost jobs overall. This matters for two reasons.
First, it explains why women have received 90% of the jobs
created in this expansion. Second, it illuminates why so many
Americans feel economic opportunity is shrinking. If you are not
in the sectors that are expanding, the economy may feel far
weaker than the headline unemployment rate suggests.

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