Peter Boockvar gave the following clear & concise review of the June jobs report.

Some pundits are calling the June employment report a disappointment, which it was if compared to expectations. But a 3.6% jobless rate after a year of aggressive Fed tightening is still remarkable. Peter Boockvar reviews the numbers for us. Key Points: US payrolls grew 209,000 in June while the two prior months were revised downward by a net 110,000. Top-line unemployment fell to a 3.6% rate. The U-6 unemployment rate, which includes “part-time for economic reasons” workers, rose two tenths to 6.9%, the highest in almost a year. The prime age (25-54) participation rate rose to 83.5%, compared to 83% in February 2020 just before COVID. Combining hours worked and hourly wages, average weekly earnings grew 0.7% since last month and are up 3.7% in the last year. Leisure/hospitality hiring seems to be slowing from the previously furious pace. Construction is also picking up. Initial reaction shows no change in Fed expectations, which remain 88% for another rate hike this month. Bottom Line: While employment growth remains strong by most measures, it is clearly slowing. Peter says to watch the U-6 rate for signs of weakness as well as “temp” hiring, which says something about full time hiring intentions.

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