| The labor market’s new math
The July employment report was weaker than expected, with nonfarm payrolls declining by 23,000, according to the U.S. Bureau of Labor Statistics, breaking a four-month streak of jobs gains. The number was far below consensus estimates of roughly 80,000 to 85,000 job gains. Moreover, downward revisions for both May and June left employment gains over the prior two months 103,000 lower than previously reported, suggesting that the labor market may…» |