LESS LOVELY
07/07/2025 |
June net employment growth was decently 147,000, April and May were revised up by 16,000, and the unemployment rate fell to 4.1%, but curb your enthusiasm. The unemployment rate declined because the labor force participation rate slid. Moreover, the workweek declined, and hourly earnings growth declined M-o-M from 0.4% to 0.2% and Y-o-Y from 3.9% to 3.7%, not signs of a strong market. The headline prevents a July rate cut.