Jumpin’ Jobs

Net June job creation was a strong 213,000, and April and May numbers were collectively revised up 37,000! The unemployment rate rose to 4% from 3.8% as the labor force participation rate pleasantly climbed to 62.9% from 62.7%. Wage growth remained quiescent at 2.7% Y-o-Y; 0.2% M-o-M. This is economic Goldilocks; how long it lasts is the question. Tariffs aside, two more quarter-point Fed rate hikes this year seems appropriate.

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