Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
With Amazon and Walmart facing regulatory hurdles in India, Reliance's Mukesh Ambani isTechnologyread more
Japan's Panasonic said on Thursday it has stopped shipments of certain components to Huawei Technologies to comply with U.S. restrictions on the Chinese company.Technologyread more
Treasury Secretary Steven Mnuchin told CNBC on Wednesday that a trip to Beijing to resume trade negotiations has not been scheduled yet, reducing hopes of a speedy resolution...Asia Marketsread more
Research analyst Adam Jonas, a long-time Tesla bull, said it's extremely unlikely that big tech firms like Apple or Amazon would buy it.Technologyread more
The disclosures come as a federal judge ruled Wednesday that two other banks — Deutsche Bank and Capital One — can give financial documents to Congress, NBC News reports.Politicsread more
Shares of L Brands, the owner of Victoria's Secret and Bath & Body Works, rose nearly 11% in aftermarket trading Wednesday after the company reported it beat revenue and...Retailread more
Officials remained firmly committed to a "patient" policy stance at their meeting earlier this month.The Fedread more
The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for...Politicsread more
As if the May jobs picture wasn't bad enough already, one economist said it was even worse.
Nonfarm payrolls actually declined 4,000 during the month, according to Jonathan Wright, a Johns Hopkins economic professor who wrote an analysis Friday for the Brookings Institution, a generally left-leaning think tank.
That number compares to the already-dismal 38,000 count released Friday morning from the Labor Department. The report triggered a decline in the stock market and, perhaps more importantly, a sharp drop in expectations for interest rate hikes this year.
Wright said he arrived at his number by diverging from the government in the way seasonal adjustments are made to the numbers. Whereas the Bureau of Labor Statistics "puts very heavy weight on the current and last two years of data," the Wright method involves going back over six years to measure seasonal patterns, "which makes them more stable over time than in the current BLS seasonal adjustment method," he wrote.
Over the past 12 months, there have been times when the numbers were close and others when they diverged widely, including occasions when Wright estimated considerably more jobs added than the BLS:
The government certainly doesn't need any help making the jobs picture look worse. Economists had been expecting May to show growth of 162,000 jobs, but even those lowered expectations couldn't hold up.
Though the unemployment rate fell to 4.7 percent, its lowest since November 2007, that was largely due to an exodus from the workforce. A more encompassing number that includes discouraged workers and those working part time for economic reasons held steady at 9.7 percent.
Over the past three months, the BLS count has showed average growth of only about 116,000, with March and April revisions subtracting 59,000 from the initially reported numbers. The Wright method puts that average at an even gloomier 107,000 and just 114,000 for all of 2016.
"Unfortunately, neither the alternative seasonal adjustment, nor the weather adjustment, makes today's jobs report any more hopeful," Wright wrote. "They make little difference and, if anything, make the picture more gloomy."