Friday morning, the Bureau of Labor Statistics released the market-moving jobs report, which stated that 121,000 new jobs were created in June. This was read as a weak number, because the strong ADP jobs report on Wednesday caused many economists to hike their forecast. The consensus was for job gains exceeding 200,000.
However, the report was not all that weak. As we have said before, we prefer to look at the data on a non-seasonally adjusted year/year basis because we think the margin of error is too wide to put much credibility into the seasonally adjusted monthly number. On the non-seasonally adjusted, year/year basis both the number and percentage change ticked up in June.
Related article: US Jobs Data Under Focus Today.