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Dismal Jobs Report Reflects Economic Decline

By       Message Stephen Lendman       (Page 2 of 8 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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Average hours worked fell to 0.4% year-over year down from 4.3% in Q 1. It suggests downward GDP forecast revisions anywhere from 1.5% to contraction.

The University of Michigan "favorable (employment) news" index plunged to 27 in June from 34 in April and May. In March it was 38.

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It reached a 2012 low. Since 1980, a decline of seven points month-over-month occurred only six times. In contrast, unfavorable employment new rose five points to 28. It hit a yearly high.

The Conference Board's "jobs hard to get" index rose to 41.5 in June. It reflected a five-month high. In May it increased to 40.9 from 38.1 in April. The ISM jobs index fell slightly from 56.9 to 56.6 month-over-month.

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Initial jobless claims averaged 387,000 in June. They rose 3% over May. In the past decade, months in which they increased this much saw declining payrolls over 70% of the time.

Average hours worked fell to 0.4% year-over year down from 4.3% in Q 1. It suggests downward GDP forecast revisions anywhere from 1.5% to contraction.

By any measure employment is weak. The private payrolls diffusion index measures the degree to which companies expand or contract them. It fell 1.9 points to 57.9. It dropped twice in the last three months. It's the lowest read since last November.

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The manufacturing diffusion index declined to 51.2 from 53.7. It hit a 2012 low. Average unemployment duration rose for the second straight month. It's at 39.9 weeks up from 39.7 in May. 

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