June Jobs Data

by Jay Pestrichelli on July 6th, 2012

Early reactions were negative to the 80k new jobs added for the month of June, and understandably so. It’s difficult to find any rays of sunshine in this report including the monthly revisions which came in at a wash as April revised down again but May slightly higher.
Our usual sectors of strength like healthcare and retail came in flat. Even more disappointing was construction’s just adding 2k and the downward revisions for April and May bringing it to a net -7k in total.

The only bright spot in the report was an addition of 24k in the Administrative and Waste services sector. Most of that came from the Temp category which is actually up over 10% year-over-year. This can be a sign that employers aren't hiring with any conviction and that keeping themselves flexible if the rug gets pulled out from under them. The downside to this kind of a workforce is that it rarely is the most efficient way to staff and can rear its ugly head in earnings numbers. 


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