SCOREBOARD: Jobs stew

US jobs disappointed but the country's structural recovery is still strong – and will likely see the numbers revised up.

US payrolls on Friday were certainly disappointing, rising only 80,000 in June compared to the market’s forecast for 100,000, and risk was taken off the table as a result. At this stage it’s best to look at this dip in momentum as temporary. We have after all seen such dips numerous times throughout this recovery after all. These slower episodes are not unusual and have never signalled changing economic prospects; stall speed or what have you. Jobs growth, the manufacturing indicators, have always bounced backed. I’ve outlined in my Eureka Report column over the last month or so why this is the case. Put simply, the structural and cyclical forces driving this recovery have not changed.

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