• July employment was 163K (revised to +141K)
  • Unemployment rate 8.1% vs 8.3% exp
  • Private employment 103K vs 142K exp
  • Government employment -7K
  • Manufacturing employment -15K vs 10K exp
  • Average work week hrs 34.4hrs vs 34.5 hrs exp
  • Average earnings 0.0% vs +0.2% exp

The drop in the unemployment rate was due to a fall in the participation rate, so it’s not a good sign.