Pretty sure those unemployment numbers don’t count folks who aren’t searching actively. Who either left the workforce because of whatever reason.
How many of those jobs are good paying professional jobs versus Amazon warehouses?
There are always people who leave the workforce, they are not counted in unemployment numbers. Even with such a huge number of jobs added, there is a possibility that the net number of workers is negative.
From Investors Business Daily:
"The leisure and hospitality sector added 67,000 jobs. Factory employment grew by 29,000.
Construction jobs rose by 13,000. Health care and social assistance payrolls rose 78,000. Retailers added 15,000 j0bs, while transportation and warehousing jobs rose 35,500."
Wages are up, more so in the lower paying jobs. This is good because they need it the most. I'm sure you know high employment and wage growth naturally fosters inflation because more people have more money to spend.
Regarding lower paying jobs, these increases do less to fuel inflation because these workers tend to spend less due to having less to spend. Our numbers are approaching prepandemic numbers. From the job sectors added, we can see that many jobs are those lost by the pandemic. Economics teachs us that high employment, while fueling inflation, tends to be good in that crime, alcohol consumption and other negatives tend to go down as people are tired and have less time on their hands.
