Don’t Fall for the Jobs Data Deception

by Chad Shoop
The Sovereign Investor

This morning, the June nonfarm payrolls report blew past expectations, with 287,000 jobs created versus 175,000 expected.

This is a stark contrast to the downward revision for May, which left the month at just 11,000 jobs created. That’s a substantial shift from month to month, but it’s important to point out that a large part of these new jobs are low-paying seasonal positions.

In fact, leisure and hospitality (think hotels, restaurants, etc.) saw an increase of 59,000 jobs, more than double its 27,000 average for the year. We also saw a bump of 14,000 jobs added by performing arts and spectator sports, as many families spend the summer doing activities with their kids.

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