‘U.S. stocks rose, driving the Standard & Poor’s 500 Index up from a nine-month low, as growth in private payrolls eased concern that the labor market will fail to recover.’
So it’s good news.
And in the same moment, this from the New York Times:
‘As temporary Census jobs evaporated and the private sector added just 83,000 workers, the United States lost 125,000 jobs in June.’
So it’s bad news, then.
And also in that same moment, the FT opined:
‘Non-farm payrolls fell by 125,000 in the US last month, while the unemployment rate fell to 9.5 per cent as the size of the labour force contracted. Wall Street analysts had forecast a small rise in the jobless rate from 9.7 per cent in May and expected non-farm payrolls to fall by 130,000 during the month’.
Well, the jobless rate fell, and that’s good news. But the labour force contracted, which is bad news. And yet, it was expected to be a higher job loss, so on the other….
It’s still the same moment, and the Wall Street Journal has
‘The U.S. economy shed jobs in June for the first time this year and the unemployment rate remained high, moves that will likely add to concerns that the pace of the recovery could slow in the second half.’
Er…let me get this straight here, the economy shed jobs, and the rate remained high, and so this will add concerns….this is sounding like bad news again.
And finally, with time standing still but desperate to move on, Reuters makes it crystal clear:
‘Private payrolls rose only modestly in June, and overall employment fell for the first time this year, as thousands of temporary census jobs ended, showing the economic recovery failing to gain traction.’
Right. So a privately modest rise with a first-time temporary fall must mean…..the recovery has traction failure? Look, make your frigging….
Perhaps you prefer The Slog’s version:
Federal jobs have been cut, but they’re unproductive anyway. Private sector employment fell less than expected, but the margin was nothing to shout about. As the US still has a deficit deeper than the Pacific and a trade gap wider than the Atlantic, the much-vaunted payroll report was something of a non-event.