Consensus was for a loss of 325,000, so this a solid surprise. Plus, there are revisions to past month estimates, so that’s also some good news.
The change in total nonfarm payroll employment for May was revised from -322,000 to -303,000, and the change for June was revised from –
467,000 to -443,000.
The unemployment rate is pegged at 9.4%, vs. 9.5% in June, and average hourly earnings were up .2%, reversing a recent decline. The work week also ticked up slightly to 33.1 hours from 33 hours. It’s improvement.
Stocks are rallying.
It’s guaranteed The White House will be crowing about these numbers, talking about a vindication of the stimulus. (Update: the speech is already scheduled). It was just last month that the numbers instantly prompted calls for a second stimulus.
You can probably guess the two sectors that added jobs: healthcare and government.
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