Total nonfarm payroll employment changed little in July (+73,000) and has shown little change since April, the U.S. Bureau of Labor Statistics (BLS) reported today.
The unemployment rate, at 4.2 percent, also changed little in July. Employment continued to trend up in health care and in social assistance. Federal government continued to lose jobs. . . .
Fed gov’t except U.S. Postal Service_____-14,100
State govt’s ____ +5,000
Local gov’ts ____-3,000
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Healthcare ____+55,000
Social Assistance ___+17,900
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Manufacturing ____ - 11,000
Retail ___ +15,700
Finance and insurance ___ +14,200
Couriers and Messengers ___ +6,000
Temporary help services ___ -4,400
Leisure and hospitality ___+5,000
(Sidnenote: The above numbers come from “the establishment survey” part of the report. Numbers below comes from the other part “the household survey.”)
Employment Level - Foreign born ____ - 467,000
Employment Level - Native born ____+383,000
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Totaling these two shows a net loss of jobs.
I do not recall any time the two survyeys showed such a large disparity. Must be a seasonal adjustment related to summer work.
Revisions for May and June were larger than normal.
The change in total nonfarm payroll employment for May was revised down by 125,000, from +144,000 to +19,000, and
the change for June was revised down by 133,000, from +147,000 to +14,000.
With these revisions, employment in May and June combined is 258,000 lower than previously reported.
(Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)
When unemployment rises, it tends to rise quite bit and all at once.
So yeah, if the Fed thinks its job is to micromanage things, keep bubbles from popping, keep zombie companies alive, make sure the losers never take a loss etc. etc., then it might be leaning toward a rate cut,
These revisions are not even on the extreme side.
And unlike certain points in the past, they are not consistently on the same side.
In the past (red arrow) when jobs numbers were revised downward that was supposedly done to HELP the sitting president.
(Hide the bad news and sneak it out later as a revision.)
But when you have a bunch of followers that have been conditioned to believe that everyone who isn’t “with you” is “against you” … they don’t bat an eye at this ■■■■ .
