01 8 / 2014
July job gain below estimates
- July Nonfarm Payrolls: +209K vs. consensus +233K, +298K previous (revised from 288K).
- Unemployment rate: 6.2% vs. 6.1% consensus, 6.1% previous.
- Number not as bad as the miss may indicate.
- Full-time jobs were 150,000 and part-time positions were only 59,000 compared to the month of June which saw a number that beat estimates on almost entirely part-time jobs.
- QE still seems like a band-aid and not a real job creator to us.