–BLS Sees “little movement” in H1 Unemploymt;”slower job growth” in Q2
By Joseph Plocek
WASHINGTON (MNI) – The U.S. June employment report is more evidence
that the U.S. economy slowed in the spring. In fact, the Bureau of Labor
Statistics noted “slower job growth in Q2 in most major industries” and
noted “little movement” in unemployment in the first six months of 2012.
June payrolls printed +80,000 and April-May downward revisions
totaled just -1,000. Payroll growth averaged +75,000 a month in Q2,
after +226,000 in Q1, illustrating slowdown.
The unemploy rate remained at 8.2% as the number of unemployed
remained little changed and the labor force participation rate was flat
at 63.8%.
But total private Average Hourly Earnings rose 5 cents for almost a
+1.5% change over the year. And hours and overtime advanced, suggesting
production growth.
Jobs composition for June: construction +2,000, manufacturing
+11,000, retail -5,400, transportation/warehouse -2,200 after a May
surge, wholesale +8,800, leisure +13,000 (mainly restaurants), temporary
help +25,200, and healthcare +13,000. Government printed -4,000, mainly
on a dip in federal jobs.
The Bureau of Labor Statistics corrected some historical estimates
for book stores and news dealers in the payroll numbers, a sector that
is lumped into sporting goods and hobbies. Total employment in these
areas is only about 580,000.
The bottom line is this was another weak report and the signal from
the strengthening ADP private employment data was false. Services hiring
slowed in the spring, endangering the overall tallies. And the 8.2%
unemployment rate remains horrifyingly high.
Details: Payrolls/Prior Pv AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Jun +80k —- +1.49% 103.6 8.2% (8.2165%)
May +77k +69k +1.39% 103.3 8.2% (8.2061%)
Apr +68k +77k +1.70% 103.2 8.1% (8.0977%)
** MNI Washington Bureau: (202) 371-2121 **
[TOPICS: M$U$$$,MAUDS$,MT$$$$,MAUDR$]
