Employment Situation, June 2017

The Bureau of Labor Statistics released its Employment Situation report for June this morning at 8:30 edt.  The report was a strong one, indicating that the economy added +222,000 new jobs during the month.

Revisions to the so-so reports of the prior two months (made as fuller information comes in to government statisticians from participating employers) were also strong, adding a total of +47,000 positions to the previously estimated gains of +174,000 new jobs for April and +138,000 for May.

The ES is having a positive impact on stock trading in New York today, partly because the numbers are good.  It’s also partly–maybe mostly–because the monthly employment report released by ADT a couple of days in advance of the ES, and which is designed to mimic the ES, reported +158,000 job additions, which was the weakest in that series for a considerable time.

If anything, the June ES gives more encouragement to the Fed to begin in the next month or two its unwinding of unconventional measures to keep long-term interest rates low.

More on this Monday.

 

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