US Jobs - 2024-07-04

Big downward revisions to the prior two months of payrolls, but a beat for June. The immigrant population and employment levels appear to have shrunk, and the native born appear to have expanded -- but these are not seasonally adjusted, so we really can't tell from month the month. It seems unlikely that Biden's tepid border-control policy changes could have made any difference so soon (and no matter how successful they are, they wouldn't have caused the native-born population to expand).