Despite a stronger-than-expected June gain of 191K private nonfarm payrolls (+191K vs. +150K), private sector jobs growth - when measured over multi-month periods - has slowed from a December 2018 high of 2.3% to now as low as 1%. That's the weakest growth in over 8 years, but it's nothing to get worried or excited about. (Jobs data are notoriously volatile on a month-to-month basis, so you have to put more emphasis on multi-month trends. The June print may sound impressive, but it only extends this year's trend towards weakness.)
The slowing jobs growth that