By Daniel Gross
If Hollywood were to make a film about the June jobs report, it would be called The Ugly, The Ugly, and The Ugly.
Typically, the monthly jobs report contains some good news, some bad news, and some ugly news. And optimism had been building over the June figure, in part because alternate methods of measurement had indicated higher jobs growth. TrimTabs earlier this week said its data indicated the economy added 171,000 new jobs in June, while ADP on Thursday suggested 157,000 private-sector jobs had been added in the month. Add in the slight decline in unemployment claims, falling gas taxes, and good preliminary news on retail sales -- and there was some hope that the soft patch of April and May was over.
This morning's ugly, ugly, ugly job figure throws a large bucket of ice-cold water on that thesis.
The Ugly #1. The headline number showed that a mere 18,000 payroll jobs were added in June. As Barry Ritholtz of the Big Picture frequently points out, when you'reRead More »from June Jobs Report: the Ugly, the Ugly, and the Ugly