The BLS reports May’s unemployment number at 8:30 this morning.
If the headline is “Unemployment rate clicks down to 8%” … I’ll scream.
You may remember that job growth was anemic last month (under 125,000), but the unemployment rate dipped to 8.1% as more than 350,000 quit looking for jobs.
In advance of today’s BLS report …
The Commerce Dept revised down its Q1 GDP estimate to 1.9% … … its original report a month ago was an increase of 2.2%.
ADP reported 133,000 new jobs … after revising its prior month estimate down by 6,000.
Gallup’s mid-May unemployment rate rate hovered around 8.2%.
And, unemployment claims for last week increased by 10,000 … after revising the prior week’s claims up (of course).
My bet: miraculously, the unemployment rate will stay constant at 8.1% … though every other piece of data says it it should bump up.
We’ll see.
The Homa Files 