Overview:  The economy added 18,000 jobs in June as the unemployment rate edged up to 9.2%.  The ISM services index fell 1.3 points to 53.3 in June.  Consumer credit increased $5.1 billion to $2.43 trillion in May.  Factory orders were up 0.8% in May. Initial jobless claims fell 14,000 to a level of 418,000 for the week ended 7/2.

• The economy added 18,000 nonfarm payroll jobs in June as the unemployment rate edged up to 9.2%.  Job gains were significantly lower than expected (the private sector added 57,000 while the government lost 39,000), the labor force participation rate fell to a new 27-year low of 64.1%, and job gains for both May and April were revised downwards by a combined total of 44,000.
• The ISM services index fell 1.3 points to 53.3 in June.  
• Consumer credit increased by $5.1 billion to $2.43 trillion in May.  This marks the eighth consecutive rise in credit.  Both revolving (i.e., credit cards) and non-revolving (i.e., auto loans) credit rose.
• Factory orders increased 0.8% in May.
• Initial jobless claims fell 14,000 to 418,000 for the week ended July 2^nd.