Another month, another increase in minimum wage jobs such as healthcare and education, which is hardly a surprise but this time an unexpected source of hiring emerged: the government.
After a poor March jobs report, followed by an April scorcher, then another debacle in May, the June payrolls report due at 8:30am will be... very much irrelevant, because as Citi pointed out earlier, the Fed is now data-independent and will keep hiking until financial conditions finally tighten (read: stocks drop). In other words, with the Fed on autopilot, feel free to skip this one - it hardly matters. For what it's worth, here are the consensus expectations for tomorrow's report:
What you say and do on social media has consequences: just ask Donald Trump. It will also determine if you get that new job you've had your eye on.
According to a new survey released by Challenger Gray, as increasingly more social media platforms become popular, job seekers continue to expand their online footprints, creating and building multiple profiles. And, as a result, the overwhelming majority of job recruiters are turning to the internet as a means of ensuring that potential job candidates are a good fit for their companies.
After jumping heroically in May, ADP reported a disappointing 158k employment gain in June (188k exp.) and revised May's exuberance notably lower (253k to 230k). While 'soft' survey data suggests empoloyment should be resurging, the hard numbers are disappointing again...
Medium-sized firms dominated the gains (+91k vs Small firms 17k and Large firms +50k).
Perhaps most notable for President Trump is that all 158k of the gains came in the Service-Producing sector of the economy - Goods-Producing Sector gained zero jobs.
As we’ve reported time and time again, once one looks past the headlines extolling the labor market "recovery" in the US, the details of these reports paint a much more discouraging picture. One need only look to the establishment survey – one of two measures used to calculate the Labor Department's monthly jobs figures – which shows that full-time jobs with benefits are increasingly being supplanted by low-paying part-time jobs.