9 July | Dollar

Pantheon Macroeconomics points to weakness in US labor market due to concerning June data

Pantheon Macroeconomics points to weakness in US labor market due to concerning June data

The latest US jobs report raises concerns about the labor market's stability, with several warning signs emerging. Analysts at Pantheon Macroeconomics point out that the Bureau of Labor Statistics may have had trouble adjusting the raw data in certain states due to seasonal factors.

The US added 147,000 payrolls in June, surpassing forecasts from most economists surveyed by Bloomberg. While the stronger-than-expected data gave markets a pleasant surprise, the gains were largely driven by hiring in the education sector, leaving many analysts questioning such numbers.

A closer look at the report reveals that June saw the most anemic private-sector job growth in eight months, adding just 74,000 payrolls, nearly half May's figure. About 80% of those gains concentrated in healthcare and social assistance, Bloomberg says. The labor market's weakness was further confirmed by the diffusion index, which showed employment increasing in fewer than half of all US industries in June.

Elena Berseneva MarketCheese
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