June's Non-Farm Payrolls: A Big Dud

June's "Non-farm Payroll" number of 80,000 comes below expectations of 100,000.  The infamous "Birth/Death" adjustment added 124,000 jobs.  (Keep-in-mind that the Birth/Death adjustment is a statistical measure and not does not mean REAL job creation.  In other words, it is a statistical adjustment and does not indicate real job creation.)  Therefore, if we subtract off the "Birth/Death" statistical measure of phantom job creation, we actual lost 44,000 jobs in June.  Wow!  With the statistical Birth/Death adjustment taken out, we actually lost jobs in June, not the statistical gain of 80,000, which is abysmal in its own right.