https://www.bls.gov/news.release/empsit.nr0.htm
Consensus forecast (per AP / FactSet) was for +160,000 jobs and for UR to fall to 4.2%, so actual figures surprised on the low side for jobs and met expectations for UR.
The change in total nonfarm payroll employment for June was revised down by 61,000, from +179,000 to +118,000, and the change for July was revised down by 25,000, from +114,000 to +89,000. With these revisions, employment in June and July combined is 86,000 lower than
previously reported.
FRED graph of monthly change (in thousands) in nonfarm payroll employment levels since Jan 2021.
Posted by JeromesNiece
9 Comments
Better do a 50bp cut
I, a random man on Reddit, am calling for the Fed to cut 50 points. Once again the Fed runs the risk of being late.
Not a terrible number, but the big downward revisions will be the narrative
Trust the process.
The labor force participation rate for 25-54 [jumped .3%](https://fred.stlouisfed.org/series/LNS11300060) to 84.0%. It hasn’t been this high since March 2001 when it was 84.1%
So when is this number getting revised down? 😂
It’s just hard to believe these numbers when every single month these numbers are getting revised down.
-25bp incoming. Fed won’t risk spooking the markets with -50bp off the bat. And then they’ll sprinkle in language about keeping the -50bp option on the table November.
Why are the numbers constantly getting revised down? Why do they keep being wrong in the same direction every time? It’s safe to say that the 142000 number is also going to be revised down, yeah?
Phew…
Not great but not devastating. Consistent with a cooling economy which is exactly what the Fed was trying to do.