Payrolls in U.S. Rose 287,000 in June, Most in Eight Months

[Weird Tolkienish Figure]

Share on Facebook
Share on Twitter
America’s job market stirred to life in June as payroll growth accelerated by the most since October after a two-month lull, assuaging fears of broader cutbacks by companies.
Payrolls climbed by 287,000 last month, exceeding the highest estimate in a Bloomberg survey, after a revised 11,000 gain in May, a Labor Department report showed Friday. The median forecast in a Bloomberg survey called for a 180,000 increase. The jobless rate rose to 4.9 percent as more people entered the labor force. Wages advanced less than projected.

http://www.bloomberg.com/news/articles/2016-07-08/payrolls-in-u-s-jumped-287-000-in-june-most-in-eight-months

[SirLinksALot]

WHERE THE JUNE JOBS WERE (VIA ZERO HEDGE ):



Here are the details of the 287K jobs supposedly added:

* Leisure and Hospitality added 59,000 minimum wage jobs
* Education and Health also added 59,000 mostly minimum wage jobs
* Retail Trade added 30,000 certainly minimum wage jobs

With more than half of job additions being minimum wage one can see why the June average hourly earnings increase was below the expected 0.2% (and 2.7% Y/Y), instead printing at 0.1% and 2.6%.

Where were the rest of the job increases: Infromation +44K, Professional Services (ex temps) +23K, Government +22K, Financial Services supposedly added 16K just dont tell all those recently laid off bankers, temp workers rose by 15K, and somehow even manufacturing added 14K despite the ADP report seeing the biggest drop in mfg employment since 2010.

Were there any job losses: yes, in mining and logging, which lost 5K jobs and transportation and warehousing which saw a 9.4K drop as the heavy trucking collapse hits home.

[sinkspur]

Good for the market and 401Ks:  DOW up 175, NASDAQ up 52, S&P up 22.