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Did A Million Second Quarter Jobs Disappear?

The Federal Reserve Bank of Philadelphia issued a report on second-quarter 2022 jobs last week found:

“In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. CES estimated net growth of 1,047,000 jobs for the period.”

Senator Rick Scott fumed on Twitter:

We aren’t entirely sure which of the government’s two jobs reports is more accurate. It’s clear that for now, it is still a healthy jobs market and employers are still looking for qualified workers – albeit at a slower pace.

Hiring is clearly going to slow down in 2023 as we combat the winds of recession. It’s wise for unemployed workers (see item 2 above) to get a job while they are still out there.

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