Why the employment miss in June was just a fluke
Skerdian Meta • 1 min read
In early June the US employment figures for May were released and they came out way below the expectations and the trend. In the past several years the number of new jobs created has been around 200k a month which is pretty good. But the May numbers were less than 40k and as we saw yesterday from the FOMC meeting minutes the FED were really scared.
I have been saying the entire month that there might be some sort of mistake desÃ¼pite the Verizon strike contributing to it, because we haven´t seen anything go badly wrong in the US economy. Anyway, the ADP non-farm employment came above expectations at 172k and the unemployment claims came out below expectations too, which reinforces the idea that the May employment miss is some sort of mistake. Tomorrow we will have the real employment numbers though.