Non Farm Payrolls Disappoint – Bad Numbers Or Confusing?

Non Farm Payroll reaction - a bit of a consuming but generally negative picture - The unemployment rate in the United States declined by 0.3 percent to 4.7 percent in May. Non Farm Payroll employment increased by 38,000.O

JPMorgan opines:

obviously this is a huge miss vs. the St 160K. Even if you add back ~35K to adjust for Verizon, that number is only ~73K (still a big miss). Also there was a large downward revision to the Apr number (from +160K to +123K). Most had assumed the job addition pace was slowing from the 200K+ pace of the last several months but only to ~140-160K (not sub 100K). The UR ticked down from 4.9% to 4.7% although for the “wrong” reasons...