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Hmm, this feels soft.
The American private sector added 44,000 jobs in July, which is the hiring equivalent of a shrug. Economists wanted 75,000. June got revised down to 95,000. It's the weakest month since January.
Education and health services accounted for 36,000 of those 44,000 jobs. Strip out that sector, which hires on demographics and reimbursement schedules with no interest in the business cycle, and the rest of the private economy added 8,000. For, like, the entire country.
Financial activities and professional services covered most of the rest but trade and transportation shed 8,000, mining lost 6,000, manufacturing scraped up 2,000, construction found 1,000, and goods production fell 3,000. The companies hiring hardest had fewer than 50 employees, which is not how a confident economy behaves.
#Jobs #economy
Hmm, this feels soft.
The American private sector added 44,000 jobs in July, which is the hiring equivalent of a shrug. Economists wanted 75,000. June got revised down to 95,000. It's the weakest month since January.
Education and health services accounted for 36,000 of those 44,000 jobs. Strip out that sector, which hires on demographics and reimbursement schedules with no interest in the business cycle, and the rest of the private economy added 8,000. For, like, the entire country.
Financial activities and professional services covered most of the rest but trade and transportation shed 8,000, mining lost 6,000, manufacturing scraped up 2,000, construction found 1,000, and goods production fell 3,000. The companies hiring hardest had fewer than 50 employees, which is not how a confident economy behaves.
#Jobs #economy
5 days ago
