Friday, July 2, 2010

Southridge Capital Comments on Payroll Report:

June Employment Report: 100K Jobs ex-Census, 9.5% Unemployment Rate 9.5%
The weak reports will add to growing concerns that the economic recovery is slowing.

The jobless rate was 9.5 percent last month, down from 9.7 percent in May, a surprising decrease that came as hundreds of thousands of workers dropped out of the labor force. Private employers added just83,000 jobs in June

The Birth/Death adjustment added 147,000 jobs to the number. The B/D model has now added over 550,000 jobs that this 'adjustment' has added this quarter .

Employers cut hours, average pay dropped, and more people gave up looking for work

Total nonfarm employment actually dropped 125,000 -- the largest decline since October -- as the government laid off 225,000 temporary census workers.

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