July Edition

The June jobs report was a 2nd straight solid report. Once again, the key was either no news or good news. Top-line employment growth was 288,000 jobs and the unemployment rate fell to 6.1 percent – both well above my expectations (and a minor victory for ADP in predicting a strong number). The household survey showed growth in the labor force (81,000) and employment (407,000), allowing the fraction of the population that was employed to rise by 0.1 to 59.0.  On the no news front, the labor force participation rate was unchanged.

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