ECONODAY: May was indeed an odd outlier in what is otherwise a still favorable trend for the labor market. June nonfarm payrolls surged a much stronger-than-expected 287,000 vs a downward revised and recovery low increase of only 11,000 in May. June's strength is led by a 38,000 gain for professional & business services, a closely watch area that is especially sensitive to changes in labor demand. Telecommunications, which fell 32,000 in May during the Verizon strike, rose 28,000 in a positive reversal for June. Manufacturing shows a rare gain and a sizable one at 14,000. Other industries posting gains include retail, government and also finance...
