2022-07-08

Worthy

The balance of power is shifting in the tech industry
Volkswagen announces $20B effort to build its own EV batteries
Americans still think they can make money flipping houses
Twitter lays off 30% of its talent acquisition team
Wall Street Stunned As June Payrolls Unexpectedly Smash Expectations | ZeroHedge

the BLS confirmed yet again that the monthly payrolls number is nothing but a politically mandated homework assignment, when - at a time when US GDP is set to decline for two quarters in a row - it reported that in June US payrolls rose by 372K, smashing expectations of 268K, coming well above the whisper number of 245K, and trouncing Goldman's preferred payrolls range of 175-250K.
Something Snaps In The US Labor Market: Full, Part-Time Workers Plunge As Multiple Jobholders Soar | ZeroHedge

into June, when according to the BLS, the US labor force saw a 152K drop in full-time workers and a 326K drop in part-timers (source). The offset? Multiple jobholders, or people who have more than one job. As shown below, while the number of total employees (per the Household Survey) has stagnated, the number of multiple jobholders has been growing steadily, hitting a new post-covid high in June of 7,541 million.

Fewer people working, but more people working more than one job, a rotation which picked up in earnest some time in March and which has only been captured by the Household survey.