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.