Washington, DC - June’s jobs report smashed expectations, proving once again that President Donald J. Trump’s pro-growth policies are delivering for American workers.
CNBC: Strong Job Growth Is Back: Payrolls Jump in June Well Above Expectations
“Payroll growth rebounded sharply in June as the U.S. economy added 224,000 jobs, the best gain since January and running contrary to worries that both the employment picture and overall growth picture were beginning to weaken. The unemployment rate edged up to 3.7% as labor force participation rose, according to the Labor Department. Economists surveyed by Dow Jones had expected nonfarm payrolls to rise by 165,000 and the unemployment rate to hold steady at 3.6%.”
MARKETWATCH: Labor Market Comes Roaring Back as Jobs See ‘Nice Pop,’ Economists Say
“Economists said Friday’s June jobs report showed a labor market that was ‘roaring back,’ with the U.S. creating 224,000 jobs, easily beating the 170,000 forecast. ‘The U.S. labor market came roaring back in June, with 224K jobs being created, well above the consensus forecast. That was in line with our expectations and the encouraging readings on jobless claims, and was only slightly offset by -11K in revisions to the prior two months together. The unemployment rate ticked up but that was a reflection of the increase in the participation rate, which still has room to rise further ahead.’ — Katherine Judge, CIBC Economics.”
THE HILL: Dow, S&P and Nasdaq Set Record Highs
“The Dow Jones Industrial Average, S&P 500 and the Nasdaq composite all set new highs in a shortened trading session ahead of Independence Day. The Dow closed with a 179-point gain, rising 0.67 percent to a record high of 26,966 points. The S&P rose 0.77 percent, gaining almost 23 points to close at a record 2,996 points. And the Nasdaq rose 0.75 percent to gain 61 points, closing with a record 8,170 points.”
BLOOMBERG: U.S. Small-Business Optimism Climbs to Highest in Seven Months
“Optimism among small U.S. businesses rose to a seven-month high in May as companies increased capital spending plans, suggesting firms remain confident economic growth will continue. The National Federation of Independent Business optimism index increased 1.5 points to 105 on more upbeat views of the economy, employment, capital outlays and sales, a report showed Tuesday. Analysts had forecast a 1.5-point decline in the gauge.”
BLOOMBERG: Consumer Comfort in U.S. Advanced Last Week to 18-Year High
“American consumer sentiment jumped last week to the highest level in 18 years as a rally in the stock market contributed to increased optimism about the U.S. economy, personal finances and the buying climate. The Bloomberg Consumer Comfort Index advanced 1.8 points in the week ended June 23 to 63.6, the highest since December 2000, data showed on Thursday. A gauge of views about the economy was the strongest since early 2001, while a measure of household finances improved to an almost 19-year high.”
THE NEW YORK TIMES: Minority Women Are Winning the Jobs Race in a Record Economic Expansion
“Hispanic women have emerged as the biggest job market winners in an economy that has now grown for 121 straight months, assuming data released in coming months confirms continued growth. Employment rates for Hispanic women between 25 and 54, prime working years, have jumped by 2.2 percentage points since mid-2007, the eve of the Great Recession. That’s the most of any prime-age working group. Black women came in second, adding 1.6 percentage points.”
CNBC: Manufacturing Was Better Than Expected in June, but Inflation Remains Muted
“Manufacturing activity was surprisingly strong in June, according to a closely watched gauge leased Monday that also pointed to a rebound in hiring. The ISM manufacturing index turned in a reading of 51.7, lower than May’s 52.1 but ahead of Dow Jones expectations of 51.3. The number represents the share of businesses that expanded activity during the month, so anything about 50 represents growth.”
REUTERS: Strong U.S. Retail Sales Improve Economy’s Future
“Retail sales rose 0.5% last month as households bought more motor vehicles and a variety of other goods, the government said. Data for April was revised up to show retail sales gaining 0.3%, instead of dropping 0.2% as previously reported. There were also increases in purchases of building materials and garden equipment, furniture, and electronics and appliances. Americans also spent more on online and mail-order purchases, hobbies, music and books, as well as at bars and restaurants.”
