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Economic Update: Nonfarm Payrolls
The Labor Department reported that Nonfarm Payrolls, which is one of the most closely followed gauges regarding the state of the economy at the present time, gained just 80,000 in the month of June.
The increase in the number of new jobs was well below the consensus estimates for an increase of anywhere from 90K to 125K and was above May’s upwardly revised 77K (April 78K).
The report stated job growth averaged just 75K per month in the second quarter, down from an average of more than 100K in Q1.
The private sector (aka the household survey) showed gains of 84K jobs, which was below this week’s ADP report that showed 176K new private sector jobs. The public sector (government) lost 4K jobs in June.
The nation’s Unemployment Rate held steady at 8.2%, which was in line with the expectations.
Next up, average hourly earnings rose by +0.3% on a month-over-month basis while the average number of weekly hours worked increased to 34.5 (from 34.4).
This report was a big disappointment as most market analysts had been looking for job growth over 100K and stock futures have fallen farther on the news.
However, the report does bode well for those looking for the Federal Reserve to launch another quantitative easing program.
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Other stories on the US Economy to review:
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ISM Non-Manufacturing Index Disappoints in June
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ADP Employment Surprises to Upside
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Challenger Planned Job Cuts Best in Year
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Factory Orders BTE in May
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Construction Spending Above Consensus in May
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ISM Manufacturing Plunges in June
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University Of Michigan Sentiment Index Weak in June
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Chicago PMI Headline Improves But...
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US GDP Grew at +1.9% Rate in Q1
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Durable Goods Up for First Time in 3 Mos
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Richmond Fed Index Declines for Third Month
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Consumer Confidence Falls Again in June
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Case-Shiller Home Price Index Improves
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Chicago Fed National Activity Index Falls in May
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Existing Homes Sales Fall But Prices Rises
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LEI Rises in May: Points to "Muddle Through"
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Philly Fed Plunges in June
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Housing Starts Down But Permits Up
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Industrial Production and Capacity Utilization Below
Expectations
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Empire Manufacturing Disappoints in June
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CPI Declines in May
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Business Inventories Above Expectations in April
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Retail Sales Fall Across Board in May
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PPI Shows Inflation Fell at Producer Level in May
- NFIB Small Business Optimism Pulls Back
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