Non Farm Payroll came out, and the consensus was pretty accurate (130 vs 125k).
Two of my three favorite leading indicators within the NFP report were negative:
-Average workweek for all employees on private NFP decreased by 0.1 hour to 34.1 hours; Manufacturing workweek for all employees decreased by 0.5 hour to 40.0 hours;
-Average hourly earnings of all employees in the private sector decreased by 2 cents, or 0.1 percent, to $22.53
-Temporary help increased +21,000. Employment in temporary help has risen by 379,000 since a recent low in September 2009.
Here are the rest of the highlights from the BLS release:
-Total nonfarm payroll employment declined by 125,000 in June;
-Private-sector payroll employment edged up by 83,000.
-Unemployment rate 9.5%;
-Temporary employees of 2010 Census workers had a drop of -225,000;
Household Survey Data
-Long-term unemployed (jobless for 27 weeks +) was unchanged at 6.8 million. They are 45.5% of unemployed persons
-Civilian labor force participation rate fell by 0.3% to 64.7%
Employment-population ratio, at 58.5%-Persons employed part time for economic reasons is 8.6 million was down by 525,000 over past 2 months.
Source:
THE EMPLOYMENT SITUATION — JUNE 2010
U.S. Bureau of Labor Statistics, July 2, 2010
http://www.bls.gov/news.release/empsit.nr0.htm
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