Firm US jobs numbers boost rate hike chances, but lack of breadth remains a concern | Metals Mine

  • Firm US jobs numbers boost rate hike chances, but lack of breadth remains a concern

    From think.ing.com

    The May jobs report is strong, with non-farm payrolls rising 172k versus the 88k consensus expectation, plus there were 93k upward revisions to the past two months’ data. Private payrolls are up 120k versus 89k expected, while government added 52k. Meanwhile, the unemployment rate remained at 4.3% and wage growth slowed to 3.4% from 3.6%. The breakdown shows that it is the usual three sectors of leisure & hospitality (+70k), government (+52k) and private education and healthcare services (+40K) that are generating the gains. That means every other sector of the US added just 10k jobs in total. The chart below ... (full story)

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FlyingTurtle
4 hr ago
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"All other sectors – manufacturing, technology, energy, retail, transport and logistics, financial services, business services, etc, have lost jobs on balance over the past 3 and a bit years.

The elephant in the room is why is the official jobs data are so strong when business surveys, such as the ISM reports, indicate falling employment while the Challenger Report from earlier in the week continued to point to net losses and the daily vacancy numbers from Indeed continue to grind lower?"

Because the official jobs data is fabricated, and will be revised down, as always, at the end of the year.

But let's not let reality get in the way.
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