Jobs skyrocket in June
Last Week in Review:
The Jobs Report for June was better than expected. The holiday-shortened trading week saw market volatility due to global trade issues.
Non-Farm Payrolls rose by 213,000 new jobs in June, above the 195,000 expected, the Bureau of Labor Statistics reported. The figures for April and May were also revised higher by a total of 37,000 new jobs. Professional and business services, manufacturing, and health care saw an increase in jobs, while retail trade lost jobs.
The Unemployment Rate rose to 4.0 percent, while the Labor Force Participation Rate edged higher to 62.9 from 62.7 as more Americans entered the labor force.
There was a downside, however, as the lack of meaningful wage growth continues. Average hourly earnings increased just 0.2 percent in June, after the 0.3 percent rise in May. Over the last year, average hourly earnings were up 2.7 percent.
Home loan rates moved lower in the latest week as Mortgage Bonds improved due to the volatility in the markets.
Tagged Market Trends