The June Jobs Report: School’s Out…..Not!
Once upon a time June was “school’s out” month and as far as we know it still is. But apparently not by the lights of the BLS, which reported this morning that state and local school authorities hired an additional 64,000 teachers and administrators in June!
In turn, this acute rebuke to normal seasonality accounted for 44% of the entire ballyhooed gain of 147,000 nonfarm jobs in June. So once again, we must default to the proposition that the Jobs Friday reports each month are truly not worth the paper they are printed upon.
