A weak month-over-month jobs print may overstate labor-market softness, Ernie Tedeschi says, as it was largely driven by a sharp drop in local government employ

A weak month-over-month jobs print may overstate labor-market softness, Ernie Tedeschi says, as it was largely driven by a sharp drop in local government employment. He says summer swings are often seasonal, and year-over-year unadjusted data are not unusual.