US Labor Market Defies Skeptics As Jobs Report Again Beats Expectations

US Labor Market Defies Skeptics As Jobs Report Again Beats Expectations

"You can't use a model for this", Morgan Stanley's Chief US Economist, Ellen Zentner, sighed on Friday morning, describing the unprecedented level of ambiguity surrounding the US labor market in the wake of the largest shock since the Great Depression. The comically wide range of estimates for the July jobs report was indicative of extreme indeterminacy. Recent data, including an underwhelming ADP report and stubbornly high jobless claims, suggested markets could be in for a disappointment. Tha
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5 thoughts on “US Labor Market Defies Skeptics As Jobs Report Again Beats Expectations

  1. my quick read of BLS report found that all the gains were in temporary workers back to work, but perm job losses were unchanged … and to top off, long term unemployed grew … while not dire, certainly not all that good either

  2. “That’s somewhat surprising given the contraction-territory print on ISM services for July and all manner of evidence to suggest that restaurants, bars, and food services businesses in general suffered mightily over the last two months.”
    Bloomberg keeps emphasizing that this jobs report covers the period from mid June to mid July. Are the ISM indices leading indicators in this environment? Is this jobs report important in any way?

  3. I don’t know how to break the impasse between GOP and DEMs which is primarily in the differences on assisting Sates where the GOP does not want the Federal government bailing out mismanagement of state pension fiascos which seems are reasonable line of thought.

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