Notable Trends
- Half of Private Payroll hiring is Healthcare (+59K) and Restaurants (+29K)
Local Government Hiring: +35K: June 30th is end of fiscal year for most States: Use-it-or-lose-it budgets bump up hiring.Healthcare: At +59, this was Stronger than we modeled (+59K)
- House flipping more important than production: Real Estate Hiring (+10K) vs Manufacturing (+1K)
- Healthcare surged higher as Obamacare repeal looks unlikely
- Headline number masks generally soft payrolls
The 2.5% payroll growth was likely driven by healthcare inflation.
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