With just 38,000 net new jobs created in May and downward revisions totaling 59,000 to March and April, last Friday’s jobs report was lousy! That said, while recent economic data haven’t been spectacular, they aren’t that bad and weekly jobless claims remain low. This is probably a one-off event. My bet, the Fed won’t raise rates in June and I peg the chances of a July rate rise at 33%.