Labor market remains strong. Report smashes expectations. Wages are up 4% yoy. Inflation remains at 3%, well above the target of 2%. No rate cuts guys. Mortgage rates jumped 50 bps on the news, signaling more pain for home buyers. The Fed isn’t going to blink. Stock market is absorbing the news very well. As long as people are working we will not see any recessionary trends.
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Edited: Jun 07, 2024
06/07 Jobs Report Out: Huge Boom
06/07 Jobs Report Out: Huge Boom
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Rich Baris calls it right - These reports are always quietly revised a month later. In a month, the revision will show 100k fewer new jobs added.
The fed will cut rates before the election
Biden will release strategic oil reserves before the election
Nimwhits will think all is good.
then we’ll go back to the kevin Walsh school of economics.
Full time -625k
Part Time +286k
Native born -663k
Foreigners +414k
I am perplexed at the rise then. Nvidia mania?
Like many, I am suspicious of a revision. In the labor numbers. Saw a stat that showed in the Biden years actual citizens have gained like 1,000 jobs full time. Everything else part time. Clearly there's some angst out there.
Inflation of 3% really isn't that bad. To me that's a non issue. 2% is ideal but 3 is not bad at all. Maybe that's why stocks are up.