NFP -62,000, Big Revisions Downwards

Thursday, July 03, 2008 | 08:33 AM

Nfp_june_2008_2

THE EMPLOYMENT SITUATION:  JUNE 2008 

BLS:

Nonfarm payroll employment continued to trend down in June (-62,000), while the unemployment rate held at 5.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today.  Employment continued to fall in construction, manufacturing, and employment services, while health care and mining added jobs. Average hourly earnings rose by 6 cents, or 0.3 percent, over the month.

NFP payrolls shrank for the sixth consecutive month.

The bog news was the revisions -- down another 52,000 for April and May. When we get these revisions next month for June, don't be surprised if we see a major change.

Also, note the Unemployment Claims jumped to 404k . . .

And now, the Birth Death Adjustment:

June 2008 was 177k versus June 2007 155k
Construction Gains +29k
Professional & Business Services +22k
Leisure and Hospitality +86k

The last is my favorite: Given the massive decrease in travel, an 86k gain in this sector is very hard to believe...

>
Birth Death Model Adjustments
click for jumbo table

Bd_june_2008


>


Sources:
THE EMPLOYMENT SITUATION:  JUNE 2008
BLS, July 2008   
http://www.bls.gov/news.release/empsit.nr0.htm

NFP REPORT JUNE 2008.pdf

Birth Death Model
http://www.bls.gov/web/cesbd.htm


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Thursday, July 03, 2008 | 08:33 AM | Permalink | Comments (29) | TrackBack (0)
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Comments

Not as bad as you predicted Barry, but not good.

And the 6 cents an hour increase is great news, that extra $124.80 a year will take care of the gas prices. Oh, wait.

Posted by: JAN | Jul 3, 2008 8:43:00 AM

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