US DATA: May employment report shows pervasive weakness, with payrolls
+69k and Apr-Mar downward revs totaling -49k. Q1 avg payroll gain was
+226k/mo. Unemploy rate rose 0.1 pt to 8.2% (hasn’t moved much since
Jan) & participatn was +0.2 to 63.8%, partly explaining the rise. Hrs
were weak; total pvt AHE -1c to +1.4% YOY. These suggest slowing wages &
production. Jobs composition: construction -28k, mfg +12k, retail +2.3k,
transport/warehouse +35.6k (incl transit +20.1k), wholesale +15.9k, temp
+9.2k, healthcare +32.8k; govt -13k on drops in most areas.
Details: Payrolls/Prior Pv AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
May +69k —- +1.39% 103.3 8.2% (8.2061%)
Apr +77k +115k +1.70% 103.2r 8.1% (8.0977%)
Mar +143k +154k +1.76% 103.1r 8.2% (8.1916%)