It’s bad enough that the U.S. added 75,000 jobs in May. Drilling down further into the report, there’s another worrisome feature.
It’s bad enough that the U.S. added only 75,000 jobs in May. Drilling down further into the report, there’s another worrisome feature.
This means that the hiring slowdown isn’t concentrated just in one field, something that is also clear in the sector breakdown of the report. Construction job growth dropped from 30,000 to 4,000. Transportation and warehousing—think Amazon AMZN, +2.83% among others — went from 6,700 to minus 200. Temporary help nearly was halved, falling to 5,100 from 9,900.If you’re looking for silver linings, the diffusion index remained positive. In May 2016, the index very briefly went below 50%, when there were just 15,000 jobs created during the month, but growth bounced back strongly that June.
Surveys of purchasing managers activity in both manufacturing and services have sunk to multi-year lows.
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