The Media Says This Was a “Blowout” Jobs Report. A Closer Look Suggests Otherwise
According to the legacy media, the May employment numbers from the Bureau of Labor Statistics were a “blowout jobs report.” That is, according to CBS, the May report showed “resilience” in the job market, and the latest report “follows two months of strong payroll gains.” Yet, at the same time, the unemployment rate has not budged for three months, and remains at 4.3 percent. Moreover, the labor force participation rate remains near a five-year low.