If the May employment report was “alarmingly weak,” as I described it a month ago, then the June release is an unmitigated disaster. Every facet of the data is sharply worse than anticipated…And yet, while I was quite concerned about the economy after the May release, I am less worried today. Perhaps I have lost my marbles, but I look at this report and simply conclude that it is not to be taken at face value.– Stephen Stanley, Pierpont Securities [Real Time Economics]