US Labor Market Shock: What 57,000 Payrolls Means
The June jobs report, released July 2 by the Bureau of Labor Statistics, delivered a blunt message: the U.S. labor market is slowing sharply, and the unemployment headline is hiding the true story. Only 57,000 nonfarm payrolls were added last month, against a consensus forecast of 110,000 and well below the pace needed to signal economic health. The months before weren't much better: April and May were each revised downward, trimming a combined 74,000 jobs from earlier estimates. Key Takeaways June nonfarm payrolls came in at just 57,000, roughly half the 110,000 consensus forecast, with April and May revised down by a combined 74,000 jobs. The unemployment rate fell to 4.2%, but for the wro…
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