Friday, July 08, 2005


Today's Employment Report, Better than the News Reports

Unemployment is now at 5.0%, down from 5.1%. Payrolls were up +146,000. What will get little reporting is that the payroll data for April and May were up a combined +44,000 over and above what was initially reported. May was considered lackluster +78,000; it wasn't, because it was +104,000.

Payroll growth was strongest in non-manufacturing (gee, what a surprise).

What won't be reported: the household survey +163,000.

Net new business up slightly, still at highest levels since I've been watching it.

More in my July 15 WTT column...

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