From an AP story written the day before NFP reported a grand total of 18,000 jobs being created..
"The end of job growth may have been reported prematurely," said Joel Naroff, chief economist at Naroff Economic Advisors.
Nigel Gault, chief U.S. economist at IHS Global Insight, raised his projection for net job gains in June from 100,000 to 140,000. Ian Shepherdson, chief U.S. economist at High Frequency Economics, boosted his forecast from 100,000 to 175,000.
"We always took the view that May was hit by one-time factors, like severe weather and supply-chain disruptions, but this report suggests those factors were more significant than we thought," Shepherdson said.
Those factors "are pretty much behind us, so unless we have something else unexpected, I think we’ll be in good shape" in the second half of this year, said Kurt Karl, chief U.S. economist at Swiss Re.
WASHINGTON - June may turn out to have been a good month to find a job after all.
A private report said businesses hired twice as many workers as economists had expected. Applications for unemployment benefits have reached a seven-week low. And more small businesses say they plan to increase hiring in the next three months, a trade association said.
The brighter outlook for jobs emerged one day before the government will issue the June employment report, regarded as the most reliable gauge of job creation.
The three reports suggested that the overall economy may also be starting to strengthen, now that gas prices have begun to decline and supply disruptions stemming from Japan’s crises have started to ease.
Economists responded to the latest data by raising their forecasts for hiring in June. Many now estimate that employers added at least 120,000 jobs. Some are predicting as many as 200,000 net new jobs for June.
That’s well above the consensus forecast for 90,000, based on a survey of economists by FactSet. And it could signal that weak hiring in May was a setback caused by temporary factors.
Continue reading full article
How TF did these economists GET their jobs anyway?! Does anyone still listen to their biased bullshit anymore?