Stock index futures dipped after the headline payroll number disappointed investors.
U.S. employers cut 131,000 nonfarm payrolls in July after falling a revised 221,000 in June and after a 432,000 boost in May. This months’ overall headline number was worse than the average consensus of 70,000 lost jobs, but the consensus ranged form no jobs gained or lost to 151,000 jobs lost. The weakness was largely in the government sector, which declined 202,000 of which 143,000 were consensus workers. Private nonfarm employment actually accelerated moderately to a 71,000 increase, following a 31,000 gain in June. There are other notable positives, which will likely be disregarded by the market and media. Average hourly earnings improved to up 0.2% following no change in June, and the average workweek for all workers rose to 34.2 hours in June from 34.1 hours in June. Meanwhile, the unemployment rate held steady at 9.5%.
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