US: Employment - Job Losses Reflect Sector Changes |
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Non-farm employment fell 467,000 with widespread declines in many sectors especially for the ongoing structural change in manufacturing. The job losses are consistent with our expectations for modest economic growth without job growth the rest of this year. Higher unemployment rates and slower wage gains limit consumer income growth. Employment Declines Signal a Bottoming Job declines continue in construction and services at a slower pace in the second quarter. Within the private sector, job
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