Barron's: David Rosenberg: July Jobs Report 'Had a Recession Label All Over It.'
Article by Connor Smith in Barron's
Stunning revisions completely wiped out last month’s “better-than-expected” June jobs report. David Rosenberg, of Rosenberg Research, was right all along.
When markets were cheering the June report that pushed the S&P and Nasdaq to fresh record highs, Rosenberg instead described it as a “weak employment report.” The month before, he called May’s numbers “a fugazi jobs report,” that would “definitely be revised in the coming months.”
Indeed, revisions on Friday to May and June’s numbers subtracted 258,000 jobs between the months. July’s numbers were also below expectations.
“The employment report from top to bottom had a recession label all over it,” Rosenberg tells Barron’s. “Outside of the noncyclical health and education sectors, payrolls actually shrunk in July.”
Rosenberg adds that the unemployment rate was up to 4.2% despite a .....