August Payrolls—Punk And Heading Worse

As in the headline, there are a number of details inside the payroll reports suggesting an unusual level of downside. Total Hours, for example, the revised estimate for July 2019 is now negative (-0.1%). That would mean American labor put in fewer hours in this last July than they did the July before. A whole year of purported booming growth, not to mention population, and somehow fewer hours.