June employment report weak
Meanwhile, the unemployment rate actually fell to 9.5% from 9.7%. But that's because the labor market overall shrank by 652,000 workers, meaning the decline in unemployment isn't really "good" news. Average hourly earnings dropped 0.1% compared with a 0.2% gain a month earlier and the +0.1% forecast. That's the worst performance I can see, but my data only goes back to 2006. The diffusion index, which tracks how many industries are adding workers vs. how many are cutting, weakened to 52.2 from 54.8 in the private sector. That's another disappointment.