US DATA: Jun employment report shows significant weakness, with payrolls
+18k and May-Apr revs -44k; unemploy rate +0.1pt to 9.2% (high since
Dec’10; fall’10 was last time unemploy was rising 3mo in a row); this
came despite a drop in labor force. AHE -1c to +1.9% YOY but agg hrs
steadied, implying slow incomes and production. Govt was -39k so pvt
payrolls +57k-its worst since May’10 at +48k. Payroll composition: mfg
+6k, construction -9k, mining +8k, retail +5.2k, finance -15k, leisure
+34k, healthcare +13.5k, temp -12k. Bottom line: this was a dismal data
set. NSA payrolls were +376k, small consolation.
Details: Payrolls/Prior Pv AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Jun +18k —- +1.89% 100.8 9.2% (9.1819%)
May +25k +54k +2.10% 100.7r 9.1% (9.0531%)
Apr +217k +232k +2.05% 100.7 9.0% (8.9603%)
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