The payroll report is out and the data is right in line with prior trends. There was a large upward revision from the prior month to 244,000. The unemployment rates, both U-6 and U-3 ticked higher as more people entered the job market. The participation rate sits at 62.9% up from a month ago, and up from 1 year back. Service related jobs continue to be the dominant sector, however there was some strength in good producing jobs such as manufacturing. Average weekly hours worked and average hourly earnings remain firm but not accelerating as most have anticipated.
Here is the summary of the data.
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Sean D. Emory
Avory & Co. Founder & Chief Investment Officer
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