Houston we have a problem.
+18,000 jobs versus the 110,000 or so expected.
57,000 in private sector versus 39,000 jobs lost in government.
Unemployment rate 9.2%
Obviously in sharp contrast to ADP yesterday. I wouldn't read too much into any one number, but this is 2 months back to back where the government data is very poor.
Hourly wages were essentially stagnant (down 1 cent)
May's already paltry 54,000 figure was also revised down to 25,000.
Birth death model 'created' 131,000 jobs in June .... so those of you in the know, realize how bad the data 'really' is. [Jan 27, 2008: Monthly Jobs Report & Birth Death Model] Birth death created 205,000 jobs in May as well.... I guess small businesses are booming across America again (at least per government statisticians)
EDIT 8:45 AM: Thinking out loud - McDonald's hired about 60,000 workers in May. With the revision down in May's figures, McDonald's essentially created all the net hiring in the U.S. in May + June. A pretty good statement on life for Main Street outside of Manhattan, Washington D.C. and some of the booming agriculture, great plains states.