The Labor Department reported that nonfarm payrolls fell by 62,000 jobs in June, slightly more than the estimate of 60,000. Previous months were revised slightly lower, while average hourly earnings rose by a relatively mild 0.3%. This month’s unemployment rate held at 5.5%, slightly above the dip to 5.4% that was expected. Details from Bloomberg...
The ISM Non-Manufacturing Survey came in at 48.2, below the 51.0 expected and down from the 51.7 seen in May. The move below 50 indicates that activity in the service sector, according the ISM survey, contracted during June. More from Bloomberg...
