The June jobs report is out, and it is a massive flop
Economists thought summer hiring would be popping off, but instead we got a wet firecracker of a jobs report from the government.
The geniuses on Wall Street predicted the economy would add 115,000 jobs last month. Instead, we managed a whopping 57,000. That is less than half of what was expected, making the economic forecast look like a complete guess.
The wildest part? The hospitality and leisure sector actually lost 61,000 jobs. Yes, in June, the literal start of summer. Everyone thought the upcoming World Cup would have bars and hotels hiring like crazy, but apparently, businesses looked at their budgets and decided to sit this one out.
To make things even funnier, they also quietly went back and revised April and May's numbers downward. Because why not double down on the bad news? Meanwhile, Kevin Warsh, the head of the Fed, went on television and called the job market "steady."
It turns out "steady" is now financial-speak for "nobody is hiring, but let's not panic."
Source: CNBC
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