United States  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

June Jobs Data Was All Over the Place -- Former Fed Member Explains

Video Credit: The Street - Duration: 01:07s - Published < > Embed
June Jobs Data Was All Over the Place -- Former Fed Member Explains

June Jobs Data Was All Over the Place -- Former Fed Member Explains

The Bureau of Labor Statistics may very well be simply off the market.

A little bit.

I'll explain, in a moment.

But first, here are the facts.

The number of net added jobs in the U.S. in June, according to ADP, was 102,000, far below economist's expectations of 140,000.

That was reported Wednesday July 3.

But the BLS reported Friday of that week that the number was actually 240,000, far better than economist's expectations.

The market clearly knew what it wanted to listened to, as stocks fell after the BLS' report because investors took the strong jobs number as a sign the Federal Reserve would be less ready to lower interest rates.

That was dispelled by Fed Chairman Jerome Powell Wednesday, as the S&P 500 rose slightly to a record high of 3,000 points.

But investors should consider that it may be the ADP number that's more representative of the truth.

Here's how that works.

"ADP right now is actually a little bit more real time given some of the other survey data that we've seen.

And the nonfarm payroll number was messy, flat out messy," said former adviser to the president of the Dallas Fed and Founder and CEO of Quill Intelligence Danielle DiMartino Booth.

"You have to understand these data series at the BLS are much more prone to revision," she added.

"The one thing that the Fed will notice is that we've had three back-to-back months now of downward revisions to prior months.

So I would not be surprised to see that strong June number revise down and come closer to what the message was in those ADP numbers." 3 Things Fed's Powell Told Congress -- What Markets Think of it

0
shares
ShareTweetSavePostSend
 

You Might Like


Recent related videos from verified sources

The Market Doesn't Care About Jobs Now But Monday Could Tell a Different Story [Video]The Market Doesn't Care About Jobs Now But Monday Could Tell a Different Story

Stock investors have a lot on their plate, and that's not a throwaway line. Between the in-line jobs number out Friday (164,000 added jobs), the 10% tariffs threats on $300 billion worth of Chinese..

Credit: The Street     Duration: 03:09Published

First Thing Investors Should Do Post-Jobs Report [Video]First Thing Investors Should Do Post-Jobs Report

Happy jobs day! It's the first Friday of the month, which means that we're getting the monthly jobs report. Economists surveyed by FactSet expect the U.S. to have added 165,000 jobs in July, down from..

Credit: The Street     Duration: 01:09Published

The Fastest-Dying Jobs In America [Video]The Fastest-Dying Jobs In America

As globalization and automation continues to affect American workers, jobs in many sectors are disappearing. According to Business Insider, the change extends past factory jobs and coal mining. Data..

Credit: Wochit     Duration: 00:42Published

3 Things Fed's Powell Told Congress -- What Markets Think of it [Video]3 Things Fed's Powell Told Congress -- What Markets Think of it

Federal Reserve chairman Jerome Powell's comments to the House Financial Services Committee were level-headed and rather implicit as usual, yet all indications were that there will be an interest rate..

Credit: The Street     Duration: 01:28Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.