Jobs: prior, 254K; consensus, 265K (a rise of 11,000 forecast); actual: 253K, a decline of 1,000. Four-week moving average: 257,750. From Econoday, the consensus was based on the "usual" summer auto-retooling layoffs.
All the readings in this report are very low, arguably at the lowest levels on record. But the missing piece is this summer's auto retooling which, when it appears, may have an outsized reverse effect on the data. The Labor Department says there are no special factors in today's report, one which points to a second month of strength for the monthly employment report.
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