Lotsa Labor

During June, employers created 850,000 new jobs, the best growth since August 2020’s 1.58 million. Leisure and hospitality led the way with 343,000 jobs. Better yet, unemployment rose to 5.9% from 5.8% as slightly more persons joined the labor market. Job creation totals a strong 3.25 million YTD, but employment remains 6.76 million below its pre-Covid-19 level. Hourly earnings rose an elevated 3.6% Y-o-Y. Taper talk will start relatively soon.