JOB JITTERS

Despite lousy atmospherics, net May job growth was a decent 139,000. But the report wasn’t as strong as the headline. The labor force participation rate slid to 62.4% from 62.6%. Had it remained unchanged, the unemployment rate would have hit 4.6%! Moreover, March/April employment growth was downwardly revised by 95,000. Lastly, the Household Survey cratered by 696,000. That said, the headline gives the Fed more time before it must move.