Ahead of today’s payrolls report, there was some confusion: will Trump tweet about it (like he did last month), or won’t he, and if not, is it because the number will be a disappointment?
Well, moments ago the BLS gave us the answer, and contrary to whispers of a miss to the 195K consensus expectation, in June the US labor market continued to chug along, with some 213K jobs created, stronger than expected, while May’s 223K payrolls were also revised higher to 244K.
Yet while the payrolls report was solid, there was some disappointment in the Average Hourly Earnings print, which missed expectations of a 2.8% Y/Y increases, rising by 2.7%, unchanged from last month, with the monthly increase of 0.2% also missing the expected number of 0.3%.
Meanwhile, the broader unemployment rate also surprised, rising from 3.8% to 4.0%, missing consensus of an unchanged print…
… with the rise in the unemployment rate largely a function of the increase in number of unemployed people, which increased from 6.065MM to 6.564MM, and the rise in the labor force participation rate, which edged higher from 62.7% to 62.9%
Developing
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