Hello Bull market!
June Federal estimates payrolls are in hand. The U.S. added +288K jobs last month. The U.S. unemployment rate hit 6.1%, a six-year low. Nearly all industries added jobs in June.
May jobs moved up to +224K from an earlier estimate of +217K. April jobs moved up to a whopping +304K jobs from +282K. Yes gang, that’s a 3-handle number.
Wages are up +2% over the past 12 months. The CPI moves in lock step with that number. The Fed has a 2% inflation target, so the underlying labor market is in that ‘Goldilocks’ state with respect to wage pressure.
The U.S. economy is now on a five month long roll racking up monthly job adds above +200K. In 2014, this U.S. economy has produced an average of +231K jobs a month. That’s 19% faster than 2013.
My RTI question: Is the “Muddle Through” Economy Behind Us?
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