Moody's Mark Zandi warns June US jobs report masks underlying weakness

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Moody's chief economist Mark Zandi has raised concerns that the June US employment report paints an overly rosy picture of the labor market. He pointed to modest payroll growth and downward revisions to job figures from previous months as red flags. The household survey, a separate measure of employment, showed a notable drop that Zandi said deserved attention. He also cautioned that the declining unemployment rate is misleading, as it partly reflects workers leaving the labor force rather than finding jobs. Several other economists echoed similar reservations about how the latest labor market data should be interpreted.

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