May-Apr
revs were a net -8k. Hours fell and wages moderated (AHE flat for +2.7%
YOY), suggesting lower IP and income ahead. Payroll declines were
widespread but incl -46.3k federal ex PostOffice, mostly firings of
temp Census workers; also mfg -136k, construction -79k, retail -21k,
finance -27k, leisure -18k, temp -37.6k; only gains were ed/health +34k.
The 1m employ diffusion index was 28.6%, showing overall weakness.
Details: Payrolls Prior AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Jun -467k ----- +2.7% 99.0 9.5% (9.507%)
May -322k -345k +3.1% 99.8r 9.4% (9.357%)
Apr -519k -504k +3.2% 100.1r 8.9% (8.870%)
- Unemply claims -16k to 614k for Jun 27 wk, confirms improvement
vs the 632k May avg. This is still consistent with large payroll losses.