- In June, nonfarm payrolls rose by only 223,000.
- At the same time these June results were announced by the Labor Department, the Department revised downward its May and April estimates of job creation by 60,000 jobs.
- While the outmoded U3 unemployment rate dropped to 5.3%, it was not because of economic growth but because a whopping 432,000 people left the labor force last month, wiping out any significance of the 223,000 increase in nonfarm jobs.
- The more accurate U6 unemployment measure, while down, is still a depressing 10.5%.
- This job weakness situation means that the Fed is still unlikely to raise interest rates soon: "While we've been seeing positive signs of the economy picking up moving into the second half, this report certainly isn't pushing the Fed to accelerate the liftoff timeline," said Ted Wieseman, an economist at Morgan Stanley in New York.
- The labor force participation rate fell again, this time to an anemic 62.6%, the lowest level since October, 1977.
- Overall wage growth was zero for the month.
- The only good economic news is that construction is getting stronger with construction spending hitting a six and a half year high.
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