July Payrolls up 209k (10% below trend)

This morning’s BLS Payrolls Report estimated 209,000 more jobs in July (on a seasonally adjusted basis). This is 10% below our Trend extrapolation of 232,000 and the the consensus forecast of 233,000.

Categories: GDP, Release Observations.

GDP 2nd Quarter 4% Annualized. Benchmark revision.

GDP was estimated to have grown at a rate of 4.0% annualized n the 2nd quarter of 2014, following a (revised) drop of 2.1% in the 1st quarter. Last month, the estimate of Q1′s drop was 2.9%.