Comerica Wealth Management CIO John Lynch explains why he encourages investors ‘not to bail just yet’ from market rallies.
U.S. employers added 206,000 jobs in June, more than expected and slightly below the revised 218,000 added in May, a sign the labor market remains solid. The unemployment rate ticked up slightly to 4.1% vs. 4%.
This as both April and May data points were adjusted by a combined 111,000, signaling fewer jobs created.
TWO-THIRDS OF AMERICANS ARE FALLING BEHIND, CAN’T MAKE ENDS MEET
This follows the closely watched ADP report which showed companies added 150,000 jobs last month, missing the 160,000 gain that economists surveyed by Refinitiv predicted and down from the revised 157,000 figure in May.
Both data points, closely watched by the Federal Reserve, will influence when policymakers will begin their long anticipated rate-cutting cycle. Chairman Jerome Powell, speaking earlier this week, reiterated the need for inflation to be lower.
WHITE-COLLAR WORKERS ARE STRUGGLING TO FIND JOBS AS THE LABOR MARKET SLOWS
“We want to be more confident that inflation is moving sustainably down toward 2% before we start the process of, reducing, how tight our policy is” he said during renarks at the European Central Bank Forum.
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