July Payrolls came in light, Hazel attempts to frown but her grotesque smile still lurks beneath
The estimate by economists for July payrolls was +200,000. It came in light. So the slow deceleration in this lagging economic indicator continues. Here is the graphic included in NFTRH 768 last weekend. The red arrow shows a gentle trend of easing in employment. Today that continues.
Here is the report from BLS if you’d like to read the details.
Here is the graphical breakdown. You can see why I can’t quite get that smile off her face. As a real forward looker, manufacturing, contracts, a monstrous amount of the July payrolls lifting was done by Education and Health SERVICES, which is not productive to the economy. Like other services, this stuff adds on and tags along.
The Good Ship Lollipop sails on for now with its rudder damaged and its course in doubt. But Hazel? She lives to smile another day, unless I can improve my artwork and get a proper frown on that face next month.
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