The jobs market is kind of going through it right now. The July jobs report stunned Wall Street with a massive downward revision of payrolls in May and June, prompting President Donald Trump’s controversial firing of Erika McEntarfer, the public servant responsible for the data.
Not only did payrolls grow by just 73,000 in July, below Wall Street estimates, but the revisions also showed that the spring had two consecutive months of growth below 20,000. The unemployment rate edged up to 4.2% from 4.1%, as the labor force shrank. Added to this sluggish cocktail is new data showing a remarkable surge in layoffs in July as well.
