BLS And ADP Reports Take Rate Hike Off The Table
The Friday BLS employment report showed the economy lost 23k jobs. Along with last Wednesday's ADP report (+44k), the two reports suggest the spring pickup in job growth is stalling. Adding to the bad news, the BLS revised May and June jobs down by a combined 103k jobs. The labor market has now averaged a mere 20k net job growth per month over the last three months. Despite the drop in payrolls, the BLS unemployment rate ticked down to 4.1% from 4.2%. While the decline is good, the reason it fell isn't. Labor force participation fell to 61.4%, its lowest level in more than five years, meaning…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.