S&P500 +0.07%(2,425.18); NASDAQ +0.21% (6,153.08); DJIA +0.3% (21,414.34)
This week’s reports:
- June’s Unemployment Rate rose to 4.4% from May’s 4.3% even as Non-Farm Payrolls jumped by 222K from May’s +152K. Labor Force Participation increased to 62.8% from May’s 62.7%. The flow of people moving from outside of the labor force straight into jobs jumped in June to 4.7 million, its highest level in records that go back to 1990.
- June’s Average Weekly Hours rose to 34.5 from May’s 34.4. Average Hourly Earnings rose by the same rate as in May, 0.2%.
- June’s Markit Manufacturing PMI fell to 52.0 from May’s 52.1. Services PMI rose to 54.2 from May’s 53.0. Composite PMI rose to 53.9 from May’s 53.0.
- June’s ISM Manufacturing surged to 57.8 from May’s 54.9. ISM Non-Manufacturing rose to 57.4 from May’s 56.9.
- May’s Factory Orders fell by 0.8% from April’s -0.3%.
- Initial Jobless Claims for the week ending July 6th rose by 4K to 248K. Continuing Jobless Claims for the week ending June 30th rose by 11K to 1,956K.
- US stocks rebounded from their biggest selloff since May earlier in the week after unexpectedly strong hiring data bolstered confidence in the American economy, underscoring the Federal Reserve’s case for raising interest rates and unwinding its $4.5 trillion balance sheet.