June Payrolls Increase By 223K, Less Than Expected; Unemployment Rate Drops To 5.3% | Zero Hedge: "According to the BLS, in June the US added 223K payrolls, less than the expected 233K, even as the the US unemployment rate dropped to 5.3% from 5.4%. Worse, the previous number was revised from 280K to 254K. Worst of all, average hourly earnings were flat despite expectations of a 0.2%, and a big drop from last month's 0.3%.
So much for escape velocity in payrolls: not only did June disappoint but the last two months were revised lower by 60K."
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