The Employment Situation -- June 2020 | Crypto Craft

The Employment Situation -- June 2020 | Crypto Craft

The Employment Situation -- June 2020

From bls.gov

Total nonfarm payroll employment rose by 4.8 million in June, and the unemployment rate declined to 11.1 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it. In June, employment in leisure and hospitality rose sharply. Notable job gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services. This news release presents statistics ... (full story)

Added at 7:41am

U.S. job growth accelerates in June; unemployment rate falls

From reuters.com

The U.S. economy created jobs at a record clip in June as more restaurants and bars resumed operations, further evidence that the COVID-19 recession was probably over, though a surge in cases of the coronavirus threatens the fledgling recovery. Nonfarm payrolls increased by 4.8 million jobs in June, the Labor Department’s closely watched monthly employment showed on Thursday. That was the most since the government started keeping records in 1939. Payrolls rebounded 2.699 million in May. Economists polled by Reuters had forecast payrolls increasing by 3 million jobs in June. The job gains added to a stream of data, ... (full story)

Comments / Top
Subscribe

Jul 2, 2020 7:50am

Quoting Micc23

Disliked

Blooomberg TV news is really angry at these reports, commentators saying outright that they shouldn't be believed. They hate to see such good news.

Ignored

Lol what? Why would they be angry at these reports? What good news have you seen? Do you know how many people are still unemployed? If 20 million people are unemployed and about 4 million jobs possibly come back (before revision) does that mean you jump for joy? Nothing is good again until we recover all jobs lost before this all happened. This is a small sign of cautious optimism if anything.

2

Jul 2, 2020 7:47am

Blooomberg TV news is really angry at these reports, commentators saying outright that they shouldn't be believed. They hate to see such good news.

3

Jul 2, 2020 8:17am

Quoting Momofrmnyc

Disliked

{quote} Lol what? Why would they be angry at these reports? What good news have you seen? Do you know how many people are still unemployed? If 20 million people are unemployed and about 4 million jobs possibly come back (before revision) does that mean you jump for joy? Nothing is good again until we recover all jobs lost before this all happened. This is a small sign of cautious optimism if anything.

Ignored

"Until we recover all jobs lost" is a ridiculous standard meant to be unattainable and thus support an anti Trump mantra. Being from NYC I understand your despair. Your Governor and Mayor have handled this terribly. Your news is saturated, in fact your life is saturated, with negativity on covid and Trump. A rational view is to look at the direction and magnitude of employment numbers. Also to consider the foot dragging of Democrat Governors limiting the recovery and the bias of the media. News that says infections are "soaring" while defensible omit that hospitaliza rates and death rates are way down. In Florida for instance 4 of 100 infected are admitted to the hospital compared to 15 before. Digging a bit below the surface numbers I also see that in my county the total infection are now highest in the 25-34 age group followed by 35-44 and 45-54. They are not dying and many are asymptomatic.

2

Jul 2, 2020 7:53am

Quoting Micc23

Disliked

Blooomberg TV news is really angry at these reports, commentators saying outright that they shouldn't be believed. They hate to see such good news.

Ignored

yeah right, they hate pres. trump, they are doing anything not to be reelected pres. trump. but they can't, for now enjoy this beautiful recovery.

1

Jul 2, 2020 8:38am

Quoting gat

Disliked

{quote} "Until we recover all jobs lost" is a ridiculous standard meant to be unattainable and thus support an anti Trump mantra. Being from NYC I understand your despair. Your Governor and Mayor have handled this terribly. Your news is saturated, in fact your life is saturated, with negativity on covid and Trump. A rational view is to look at the direction and magnitude of employment numbers. Also to consider the foot dragging of Democrat Governors limiting the recovery and the bias of the media. News that says infections are "soaring"...

Ignored

Meant to be unattainable? Globally economies have been destroyed and ravaged by Covid-19 realistically speaking it will set back the global economy easily by a few years. How did you make the correlation until all jobs recovered tie into me having an anti Trump mantra? You want me to jump for joy while millions are still unemployed and a bunch of businesses won't be coming back online EVER. I'm a small business owner and being in NYC I see the dire situation but that's not what concerns me. Sure all the FED intervention which keeps ballooning our balance sheet to unseen levels, the disconnect between the stock market (more fed intervention), and the actual middle/lower class who are actually suffering. I don't give a crap about politics and political parties cause both parties are full of bullcrap and pander to people but never actually get shit done. My governor and mayor handle it terribly but than Trump handled it exceptionally well I'm guessing in your opinion? You're already biased but atleast I'm speaking from a general perspective when it comes to the economy. I didn't mention anything political in my post because it has nothing to do with politics. I'm a realist if you just think our economy bounces back like nothing happened your extremely delusional and time will only prove this point. We are not going to have an instantaneous V-shape recovery in America or anywhere else in the world for that matter.

I'll love to see the data once all the PPE and Fed intervention stops and businesses have to try to bear the brunt of crap on their shoulders again.

1

Jul 2, 2020 8:38am

Quoting Momofrmnyc

Disliked

{quote} Lol what? Why would they be angry at these reports? What good news have you seen? Do you know how many people are still unemployed? If 20 million people are unemployed and about 4 million jobs possibly come back (before revision) does that mean you jump for joy? Nothing is good again until we recover all jobs lost before this all happened. This is a small sign of cautious optimism if anything.

Ignored

Pls try and appreciate the good news while we pray for the best to come

1

Jul 2, 2020 8:16am

Quoting Pd999

Disliked

Because the news was so good, with minimum respect I decided to short usd. Am I doing the right thing? I am losing 20 pips at the moment and 30 pips left to reach sl. God bless me! lol

Ignored

imo was a bit easier a long on S&P and/or crude oil

just my 2 cents, if you want the reasons due to these news:

1) crude oil was on a good support around 40 $ with all indicators up... still up more than 40 ticks per contract, and have 40,63-40,76 profit target (let's see)

2) s&p setup was already up too after overnight session...and around 8:30 am was too like CL on a good support around 3124...and we just hit resistance at 3146.
maybe now we get some kind of retracements, but there's still a lot of room on lows to reach 3160/70 by the end of the day if nothing changes on the meanwhile

1

Jul 2, 2020 8:20am

Sure maybe the amount of jobs we added rose, but the QUALITY of those jobs went down because average hourly earnings fell. Hell, I can hire a BUNCH of people to work for me at 1 dollar an hour, but does that mean Im doing good or rich? Of course not. So until hourly wages start to show improvement Im not convinced.

1

Jul 3, 2020 4:11am

Quoting TraderTero

Disliked

{quote} Post the evidence or don't post at all. Stop spreading fake information: https://www.politifact.com/factchecks/2020/jun/23/viral-image/no-aoc-didnt-tweet-about-closing-businesses-until-/

Ignored

Of course they found no evidence that AOC tweeted this..
But they sure will find "evidence" that trump tweeted something really stupid..
The double standard and hypocrisy is horrific.

Jul 2, 2020 8:14am

Quoting joeylegnon

Disliked

{quote} buy USD for the rest of the week .

Ignored

what?!!! are you okay?!!! the risk lovering is equal to reinforcing usd?!!! set the trading aside man, if not you will be a loser and your money will be in my pocket

Jul 2, 2020 9:48am

Quoting joeylegnon

Disliked

{quote} I'm doing great , maybe you should check out a GBP/USD price chart and watch it fall .

Ignored

the market direction changed after releasing COVID-19 cases in Florida, the risk aversion came out and subtituted to risk aversion, that's why the USD is going up v the most currencies.

Jul 2, 2020 8:44am

Quoting louisfx

Disliked

{quote} Pls try and appreciate the good news while we pray for the best to come

Ignored

^^Which is why I said this a small sign of cautious optimism. I'm an American business owner it's in my best interest that everything gets back to where it was immediately. I'm just speaking from a realistic standpoint. Lets not jump for joy until we have a few months where we are bringing back jobs on this level and more.

Jul 2, 2020 9:56am

Quoting mindscream

Disliked

{quote} You need to read this book, "The Happiness Advantage" by Shawn Achor. It's a good book.

Ignored

Funny thing is I read this book back in 2015. Changed my whole outlook on things for the better especially waking up on the daily and mentioning what I'm grateful for. I want more than ANYTHING for the economy to come back roaring like it's has never done before. I just can't in good faith act like a decade worth of job gains that has been wiped out in a few months will just return in the blink of an eye. It's unrealistic and naive for us to think that way. I have faith that the American people will stand up and get back out there and rise up from the ashes like we have done countless times before. It's like trading in the markets for example, you may think a stock/currency/or whatever will rise/fall but you don't put all your chips in one basket because if it goes against you your wiped out. It's the same thing here, yes we got some job gains back but realistically how long will it take us to get back to the level before all this happened? Realistically it won't be a few months and that's the truth that's all I'm trying to say. I want the whole global economy to be back on solid grounds having a business myself I see just how fragile everything has gotten due to this pandemic. I just want us to exercise some caution that's all.

Jul 2, 2020 8:08am

Quoting Pd999

Disliked

Because the news was so good, with minimum respect I decided to short usd. Am I doing the right thing? I am losing 20 pips at the moment and 30 pips left to reach sl. God bless me! lol

Ignored

buy USD for the rest of the week .

Jul 2, 2020 9:37am

Quoting sadeghi

Disliked

{quote} what?!!! are you okay?!!! the risk lovering is equal to reinforcing usd?!!! set the trading aside man, if not you will be a loser and your money will be in my pocket

Ignored

I'm doing great , maybe you should check out a GBP/USD price chart and watch it fall .

Jul 2, 2020 11:22am

MomofromNYC: Was going to paste what one of your NYC Representatives had posted on her site. Her post was deleted and FB is trying to scrub it so would not let me copy. To quote in essence though not verbatim she said "We must remain closed down until after the election. If the economy recovers it helps Trump" That was the infamous Alexandria Ocasio Cortez about a month ago.

I do think Trump took good decisive action closing travel with China while being called a xenophobe etc. and in leaving it to the states for different approaches for different situation. DeSantis in Fl handled it much better than Cuomo. Covid should not be political but has been from the start. A centrist or Trump supporter, even in NYC, would not set things in terms of all jobs restored. That is Democrat rhetoric. Perhaps you are so used to hearing such you are numb to it being radical foolery elsewhere. In any case we agree many small businesses are gone for good.

Jul 2, 2020 2:18pm

May God have mercy on us ... after this pandemic I don't see anything good in the world.

Jul 2, 2020 8:59am

hey #EURO lover let move

Jul 2, 2020 7:36am

sell usd but oil

Jul 2, 2020 7:34am

wow, another shocking data, congratulation

Jul 2, 2020 8:22am

Quoting sadeghi

Disliked

{quote} what?!!! are you okay?!!! the risk lovering is equal to reinforcing usd?!!! set the trading aside man, if not you will be a loser and your money will be in my pocket

Ignored

What pair do you trade?

Jul 2, 2020 7:44am

Still crappy data.

Jul 2, 2020 7:43am

.... NFP on Thursday? .... madre mio!! .... since when?

..... Good I do not trade news anymore.

Jul 2, 2020 7:46am

USD going up..........

Jul 2, 2020 8:06am

told you....

Jul 2, 2020 7:36am

Wooow super boooolish. Wow wow buy stonks. Something about only goes up? Not sure just keep buying

Jul 2, 2020 7:56am

Comparing the 'ADP Non-Farm Employment Change', announced yesterday, and 'Non-Farm Employment Change' today, looks like US government is really determined to support employment by any means available, that is good news, for now.

Jul 2, 2020 7:57am

Because the news was so good, with minimum respect I decided to short usd. Am I doing the right thing?
I am losing 20 pips at the moment and 30 pips left to reach sl. God bless me! lol

Jul 2, 2020 8:26am

Quoting aldadragon

Disliked

Sure maybe the amount of jobs we added rose, but the QUALITY of those jobs went down because average hourly earnings fell. Hell, I can hire a BUNCH of people to work for me at 1 dollar an hour, but does that mean Im doing good or rich? Of course not. So until hourly wages start to show improvement Im not convinced.

Ignored

Another interpretation of hourly wages is that less skilled workers are getting back into workforce. Essential personnel which is what has kept things afloat are going to be the best paid.
Broader based recovery will include those who got socked hardest. Which is lower paid employees.
Data is not always negative, what counts is how factors involved with data got generated.

Jul 2, 2020 9:27am

Quoting Momofrmnyc

Disliked

{quote} ^^Which is why I said this a small sign of cautious optimism. I'm an American business owner it's in my best interest that everything gets back to where it was immediately. I'm just speaking from a realistic standpoint. Lets not jump for joy until we have a few months where we are bringing back jobs on this level and more.

Ignored

You need to read this book, "The Happiness Advantage" by Shawn Achor. It's a good book.

Jul 2, 2020 12:13pm

Quoting gat

Disliked

MomofromNYC: Was going to paste what one of your NYC Representatives had posted on her site. Her post was deleted and FB is trying to scrub it so would not let me copy. To quote in essence though not verbatim she said "We must remain closed down until after the election. If the economy recovers it helps Trump" That was the infamous Alexandria Ocasio Cortez about a month ago. I do think Trump took good decisive action closing travel with China while being called a xenophobe etc. and in leaving it to the states for different approaches for...

Ignored

Post the evidence or don't post at all. Stop spreading fake information: https://www.politifact.com/factchecks/2020/jun/23/viral-image/no-aoc-didnt-tweet-about-closing-businesses-until-/

Jul 3, 2020 6:02am

Quoting Mingary

Disliked

{quote} Of course they found no evidence that AOC tweeted this.. But they sure will find "evidence" that trump tweeted something really stupid.. The double standard and hypocrisy is horrific.

Ignored

He is tweeting all the time something really stupid so no need to dig for any "evidence".

Jul 22, 2020 5:26am

Really?? Because I thought the problem was far from over, even in terms of coronavirus’s economic impact. But hey, guess I was wrong?! So is it then a good time to buy US shares, or am I jumping the gun on this one?

Jul 2, 2020 8:04am

Buy usd hurry.....amazing NFP and unemployment rate data

Jul 2, 2020 7:37am

Buy Gold, trust me

Jul 2, 2020 7:39am

Absolutely confusing news. Who can explain this?

Jul 2, 2020 8:11am

Quoting joeylegnon

Disliked

{quote} buy USD for the rest of the week .

Ignored

Why do you think you should buy dollars?

Trader#7FA1

Jul 2, 2020 7:41am

YAY! More BLS fraud. When will the "classification errors" be cleaned up?

Hidden for breach of Trader Code of Conduct

Story Stats

Jul 2, 2020 7:30am
Posted by
Newsstand

High Impact Breaking

39

28.5K
Linked events:

US Non-Farm Employment Change

US Unemployment Rate

US Average Hourly Earnings m/m