Payrolls Were Loud This Month, as Last

by Jeffrey P. Snider
Alhambra Partners

As it currently stands in the headline BLS figures, the Establishment Survey greatly rebounded to + 287k from a downward revised +11k in May. There is this month, just as last month, too much emphasis on the monthly payroll figure as it is more often than not noise. We can only hope the drastic extremes of the past two months may have finally injected a more cautious approach to what has always been a statistical process.

Two payroll reports ago, one that was taken as “ugly”, I wrote:

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