Today's Non-Farm Payrolls report was interesting because with the revision to last month we have two months of almost exactly 195,000 jobs added, with 199,000 in the month prior to that.
This is remarkable 'regularity' for three months in hitting what might be termed a 'goldilocks' number: not too hot, not too cold.
There was something that jumped out of the numbers. The seasonality adjustment deviated enough from the past two June actual adjustments to add 75,000 jobs to the headline number.
As you may recall, at this time of the year, the jobs growth is on the high side in the non-adjusted number because of the huge amount of summer jobs that are added, whether they be in the form of working students or construction work, or the favorite, leisure and hospitality sector for a nation where an increasing number of people will be 'in service.'
A low side factor in adjusting those high numbers in seasonality will result in ...