June Residential Construction. Down, but within the noise range.

June starts down 9.1% due entirely to drop in South in both single-family and apartment buildings. South starts look out of line with permits. Overall though, trends can still be said to be intact at national average level: flat for all structure sizes over the past 18 months. We also take a look at the relative size of recent revisions.

June Payrolls Preview

Total Payrolls to gain 243,000 jobs (current consensus figure: 220,000), Private non-farm to gain 226,000 jobs. Breakdown by industry included, review of various forecasts and estimates, including last month’s trend forecast