It’s largely because of -53,000 in Government.

And because of deportations.

Hospitality was also down -40,000, because of End of World Cup.

Healthcare increased as always, but at only half the rate of the prior month: +22,600.

Upshot is that manufacturing (+5,000 after growing +11,000 prior month) and construction (+22,000).

Durable goods manufacturing was +18,000 but non-durable goods (like food and other consumables) was down -13,000.

For someone who wants a dovish Fed, it’s a Goldilocks report.

DEREK