US Jobs - 2024-06-06

So much for "labor market weakness" -- yet another stunning beat for payrolls. But employment in the household survey fell overall, with large growth in foreign-born employment more than offset by shrinkage in native-born employment. Our model agrees with payrolls, so we're going to say this is another month of good news for the post-pandemic productivity-led boom. But hard to say how this mixed bag will affect the Fed next week. Happily, that doesn't matter much anymore.