Household Survey Shows 500k Jobs Lost in June while Labor Force Participation Crashes to Multi-year lows

The analysis below covers the Employment picture released on the first Friday of every month. While most of the attention goes to the Headline Report, it can be helpful to look at the details, revisions, and other reports to get a better gauge of what is really going on.

Current Trends

The jobs report showed a gain of 57k jobs for the month of June. That was half of market expectations which has prompted an early rally in the market and specifically gold and silver. Perhaps the bigger news is the Household Survey which showed a whopping loss of 507k jobs. That is a major loss, the second largest in a year for the household survey.

Figure: 1 Primary Report vs Household Survey – Monthly