Okay, let’s just call this employment report disappointing. I guess it could have been worse. If you are going to dig to find something positive, people who have jobs are working more hours. And the unemployment rate didn’t get worse. But the underemployment number did.
Economic Event | Period | Economic Survey | Actual Reported | Original Prior | Revised Prior |
Change in Nonfarm Payrolls | JUN | 100K | 80K | 69K | 77K |
Change in Private Payrolls | JUN | 106K | 84K | 82K | 105K |
Change in Manufact. Payrolls | JUN | 7K | 11K | 12K | 9K |
Unemployment Rate | JUN | 8.2% | 8.2% | 8.2% | |
Avg Hourly Earnin MoM All Emply | JUN | 0.2% | 0.3% | 0.1% | 0.2% |
Avg Hourly Earnin YoY All Emply | JUN | 1.7% | 2.0% | 1.7% | 1.8% |
Avg Wekly Hours All Emply | JUN | 34.4 | 34.5 | 34.4 | |
Change in Household Employment | JUN | | 128.0 | 422.0 | |
Underemployment | JUN | | 14.9% | 14.8% | |
It’s really hard to put lipstick on this pig.
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“The Fed has gone about as if the problem is a shortage of liquidity. That is not the basic problem. The basic problem is uncertainty that the balance sheets of financial firms are credible.”
~ 2009, Anna Schwartz, Economist, 1915-2012
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John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
Ph: 225-342-0013
Fx: 225-342-9721
Email: jbroussard@treasusry.state.la.us
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