Payrolls


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Karim writes:
Reaction possible dampened by the recent rally, but this is a really bad number, especially as it relates to consumer income and spending.

But really weak across many metrics and shows a worsening, not just less bad.

  • NFP -263k w/net revisions -13k
  • UE rate up from 9.657% to 9.832%
  • HOURS -0.5%
  • Diffusion Index 34.9 to 31.9
  • AHE +0.1%
  • Total Unemployment (Discouraged workers, would rather be full-time,etc) up from 16.8% to 17%
  • Main weakness was retail (-30k net change), Education (-43k net change) and State and Local Govt (-30k net change)

Labor Income is HoursXJobsXHourly Earnings. Looks like will be down about 0.5% for the month and will drive y/y personal income even more negative.

Tough to see inflation with that background!


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