The employment surprised on the upside as firms added 224k employees in June. Needless to say, 224k remains a healthy pace of job growth that belies both claims of impending recession and the expectation of deep interest rate cuts. While it is tempting to say that the June report offsets May’s, this latest report does not undo narrative that the labor market slowed in 2019.Notably, May’s report delivered large downward revisions to previous months; there were no such countervailing upward revisions in June’s. Absent such revisions, the June report looks like a good outcome around an underlying pace of growth that has ... (full story)