The recovery, if there is a real recovery, is still mostly a jobless one. Expectations for today’s Unemployment and non-Farm Payrolls in June were muted after a weaker ADP number and after weekly jobless claims grew. The Labor Department announced this morning that June’s unemployment rate was 9.5% and the change in non-Farm Payrolls came in at -125,000.
Dow Jones had consensus at -110,000 in non-Farm Payrolls; estimates were 9.8% on the unemployment figure, which compared to 9.7% in May.
Some 225,000 government workers that were hired for the 2010 Census lost their jobs, but the private sector added some 83,000 jobs for the month. The private sector job additions are what the market is keying off of. We were expecting somewhere around 100,000 private sector job additions after that pathetic 33,000 adds came in May.
As far as how that unemployment rate is calculated, let’s just say that we’ll leave that figure up to “government calculations” and fuzzy math. The labor force ‘shrinkage’ continues….
JON C. OGG
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