Commentary
Total nonfarm payroll employment, relased this morning, increased by 209,000 in June, and the unemployment rate changed little at 3.6 percent. Just 149,000 of those jobs were in the private sector; 60,000 were in government. Revisions from April and May resulted in 110,000 fewer jobs than originally reported for those two months. That’s the biggest downward revisions in jobs data we can recollect in the decade or so that we’ve been producing these monthly jobs reports.
Aanalysis
Let’s look at our exclusive schedule of Jobs Creation by Average Weekly Wages:
Source: The Stuyvesant Square Consultancy, from Bureau of Labor Statistics data, June vs. May Jobs Creation by Average Weekly Wages. Copyright, The Stuyvesant Square Consultancy. All rights reserved. Used by permission)
We saw significant month-over-month declines in jobs creation in some of the moderate wage positions, like professional and business services. That’s coupled with job losses in retail, transports, and warehousing, among other sectors. As in other recent months, government-supplemented private-sector industries like education and health services and health care and social assistance maintained robust jobs creation….