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Private Job Creation Sees Smaller Miss And Downward Revisions

US DATA
  • Nonfarm payrolls growth missed expectations in July at 187k (cons 200k) after a two-month downward revision of -49k spread equally over both June and May.
  • That does however for once come more at the expense of government job creation, with private sector payrolls rising 172k (cons 180k) after a two-month revision of -25k albeit mainly landing in June.
  • Private payrolls have clearly seen a sizeable trend moderation, although the two-month average of 150k (185k in 3mma) is only back to its 2019 average of 146k for a comparison of a previously tight market.
  • See below image for table and latest trends.

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