The June employment picture was worse than the headline number implied.
Nonfarm payroll jobs registered a pathetic 18,000 increase last month, and even that small amount was not statistically significant, falling as it did within the survey's confidence interval. Adding to the bad news, the changes in payrolls were revised downward in both April and May. Excluding the June drop in government jobs, private sector payrolls last month showed a 57,000 rise, but that modest amount also failed the labor department's test of statistical significance.
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