Cathie Wood Calls June Jobs Report 'Weird' and 'Very Distorted' As Wall Street Says the Payroll Miss Doesn't Add Up

Benzinga07-03

Noting this discrepancy, Wood described it as a “weird employment report” where one might think “we were in a recession.” She emphasized that “government statistics have become very distorted” and ...

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Analysts were quick to highlight the absurdity of this decline occurring alongside a massive global sporting event.\nJamie Cox, Managing Partner for Harris Financial Group, argued that the data is “misleading and should be disregarded.” Cox explicitly noted that “there is zero chance leisure and hospitality posts a negative print in the midst of the World Cup” and confidently predicted upward revisions in the coming months.\nUnderlying the headline figures is a contracting workforce. While the official unemployment rate edged down to 4.2%, this was largely driven by people leaving the job market altogether, as the labor force participation rate decreased to 61.5%.\nLPL Financial Chief Economist Jeffrey Roach noted that roughly 2.5 million individuals have dropped out of the labor force since last year.\nDespite the weak payroll data, Northlight Asset Management’s Chris Zaccarelli suggested a silver lining, noting that the slowing job growth could force hawkish Fed governors to pause rapid interest rate hikes.\nThe S&P 500 index has advanced 9.11% year-to-date. Similarly, the Nasdaq Composite index was up 11.18%, and the Dow Jones gained 9.34% YTD.\nMeanwhile, the Dow tracker, State Street SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA), closed 1.05% higher on Thursday.\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nImage via Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.2","shortVersion":"4.45.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2648627476","isCrawlerRequest":true}