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US nonfarm payrolls fell by 23,000 in July, far less than expected.
The bulk of the drop came from declines in leisure and hospitality (-40k) and local government education (-50k).
The latter likely reflects a negative contribution from seasonal trends around the school summer break, which seasonal adjustment did not fully capture.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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