Karim writes:
- -533k in payrolls, and downward revisions of -199k to prior 2 mths
- Unemployment rate rises ‘only’ to 6.7% from 6.5% because 422k left the labor force
- The 2 real shockers are:
- Index of hours fell 0.9% for the month (after -0.4% prior mth); even adjusting for some productivity gwth, looks like real GDP in Q4 may be more like -7 to -8% vs the most recent range of estimates of -4 to -5%.
- Diffusion index plunges from 37.8 to 27.6; support for job gwth increasingly narrow.
- Mfg -85k
- Construction -82k
- Retail -91k
- Finance -32k
- Temp help -78k
- Hospitality -76k
- Education +52k
- Govt +7k
[top]