On Closer Inspection The Employment Report Is Even More Depressing: "I suppose that the Non Farm Payroll report could have been worse than it was. But not much worse. Some of the talking heads are calling the latest news a “soft patch”. Maybe so. We shall see. My read is that the report was (more) clear evidence that the economy is grinding down. The second half of this year is likely to show only marginal growth. The June NFP was the tip off.
Johan Hulath at Morgan Keegan prepared the following slides. As is often the case pictures tell the story better than words.
A recap of the NFP data. Note that there is no category that was not under street expectations. Things are much worse in employment land than anyone thought."
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