Payrolls fell by 19,000 in May but benchmark revisions resulted in upward revisions for March and April data. March is now reported to have a gain of 59,000 versus the original decline of 53,000, and April is reported to have a decline of 182,000 versus the original decline of 223,000. The January outcome, however, was revised lower, now up only 61,000 versus the original 289,000 gain. The net result of these changes is that employment growth is a bit weaker than originally reported. Manufacturing jobs continue to be shed at the fastest rate with another 124,000 drop in May, the tenth consecutive decline.
Service producing jobs continue to hold up.
The employment index showed the sharpest decline, falling to 35.0 from 35.8 the previous month. With the inventory correction advanced, manufacturing is not expected to show much further deterioration in the months ahead. The construction sector has been supported by lower interest rates. The materials on this Web site are for general circulation and general informational purposes only. It does not have regard to the specific investment objectives, financial situations, or particular needs of any specific person or entity.