Global Economic & Market Outlook – Focus Notes (Monday, July 11, 2016)
US nonfarm payrolls rebound in June, alleviating concerns for a broader slowdown in labor market conditions
US nonfarm payrolls increased by a solid 287k in June (Figure 1), surpassing market expectations for a rise of 180k. The monthly gain was the strongest since October 2015, with a reversal of last month’s Verizon worker strike effect as telecom payrolls increased 28k after a loss of 32k in the prior month. Within the services sector, retail trade (+30k), education and health (+59k), professional and business services (+38k) and leisure and hospitality were all firm. Elsewhere, the goods sector grew 9k from -41k in May, with manufacturing payrolls adding 14k from – 16k in the prior month, while the construction sector remained unchanged after falling 16k in May.
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