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Ouch! Nonfarm payrolls +32,000 jobs

Posted By Barry Ritholtz On August 6, 2004 @ 9:31 am In Finance | Comments Disabled

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For those of you share in my wonderering aloud whether the BLS games the actual data, the answer appears to be a likely no:

U.S. employers hired workers at the slowest pace in eight months in July, fanning fears about the economic recovery and raising doubts about whether the Federal Reserve will raise interest rates next week.

Nonfarm business payrolls grew by a net 32,000 jobs last month, the smallest increase since December, the Labor Department said Friday. The government also said employers created 61,000 fewer more jobs in May and June than was first estimated.

Economists had expected payroll growth of 215,000 jobs and the unemployment rate to hold at 5.6%, according to a survey by Dow Jones Newswires and CNBC.

Ouch: Consensus was for 243,000. Look out below . . .

Source:
U.S. Payroll Growth Is Slowest in 8 Months [1]
Wall Street Journal, August 6, 2004 9:25 a.m.

http://online.wsj.com/article/0,,SB109179497976284946,00.html


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[1] U.S. Payroll Growth Is Slowest in 8 Months: http://online.wsj.com/article/0,,SB109179497976284946,00.html

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