Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Not sure this report has much effect today as all eyes are central bankers but bigger picture any move closer to 7% supposedly brings QE closer to tapering. As for today 195,000K jobs gains, ahead of expectations in the 160Ks. Revisions up 70,000 for the previous two months which is a positive. Big spike in U-6 to 14.3% from 13.8%. Average wage up 0.4% <– good.
63.5% labor force participation rate.
Quality of jobs not so great but no one cares: Retail +37K, Restaurants +52K (more on that below)
The 10 year Treasury yield is up over 2.6%. Futures up a bit from where they were before the print.
EDIT: here is the data on quality of jobs – it is not very good. I’d say 15Kish of the job creation is in high paying work. This is consistent with the entire recovery – a lot of “mid level” jobs were lost in the Great Recession – much of what has replaced those jobs are low paying.
Leisure and hospitality added 75,000 jobs in June. Monthly job growth in this industry has averaged 55,000 thus far in 2013, almost twice the average gain of 30,000 per month in 2012. Within leisure and hospitality, employment in food services and drinking places continued to expand, increasing by 52,000 in June.
Employment in the amusements, gambling, and recreation industry also continued to trend up in June (+19,000).
Employment in professional and business services rose by 53,000 in June. Job gains occurred in management and technical consulting services (+8,000) and in computer systems design and related services (+7,000). Employment continued to trend up in temporary help services (+10,000). Over the past year, professional and business services has added 624,000 jobs.
Retail trade employment increased by 37,000 in June. Within retail trade, employment increased by 9,000 in building material and garden supply stores and by 8,000 in motor vehicle and parts dealers. Employment in wholesale trade continued to trend up (+11,000).
Health care continued to add jobs in June, with a gain of 20,000. Within the industry, employment continued to trend up in ambulatory health care services (+13,000). A gain of 5,000 jobs in hospitals followed a loss of 8,000 jobs in May.
Employment in financial activities rose by 17,000 in June, with most of the increase occurring in credit intermediation (+6,000) and in insurance carriers and related activities (+6,000).
Federal government employment continued to trend down in June (-5,000) and has declined by 65,000 over the past 12 months.
Employment in most other major industries, including mining and logging, construction, manufacturing, and transportation and warehousing, showed little change in June.
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