U.S. payrolls increased by 147,000 in June, more than expected

[progree]

63. I found it -

https://archive.ph/NjS1V

Bloomberg Economics’ Anna Wong says:

“June’s unemployment rate fell – defying our and the consensus forecast for a rise — and payrolls grew at a decent clip. But we don’t think this suggests the labor market is in solid shape, as the unemployment drop was due to exits from the labor force, while payroll gains were exaggerated by a Bureau of Labor Statistics model that seeks to measure the impact of business formations and closures.

Details indicate that hiring in private service jobs slowed in June as the cancellation of federal government contracts hits the education and health sectors. There’s little evidence of an impact on payrolls from the trade war, as the logistics sector held up as firms continue stockpiling inventory. We maintain our view that the FOMC will only cut interest rates once in 2025, at the last meeting of the year in December.”

Terminal subscribers can read BE’s first take here. ((there's no link, so I guess This is it -Progree))
Michael Arnold
Bloomberg Economics Editor

There are a lot of other interesting comments from knowledgable sources

I've just picked three --

The reliance on state and local government jobs for about half of the June payroll gain also complicates the messaging for the Trump administration. Because they’ve been slamming the job market under Biden as one that was depending on the public sector. This team is all about re-energizing the private economy.
Chris Anstey
Senior Editor

Jeffrey Rosenberg, a senior portfolio manager at BlackRock, says on Bloomberg TV that the reliance on state and local governments here actually shows that the June payrolls gain was weaker than expected.

Indeed, look at the private payrolls estimate, which was 100,000. That came in at 74,000. That’s down from 137,000 in May.
Chris Anstey
Senior Editor

If we consider that the “breakeven” jobs gain — the increase needed to absorb new entrants to the labor force — is 100,000 or lower, down from the past few years when surging immigration had inflated that figure, then 147,000 is all the stronger a reading.
Chris Anstey
Senior Editor

I could do this all day, there are many more such