Today's "Jobs Report" was simply great. Headline numbers are:
1. New jobs created in May was 223 thousand, substantially more than the 188 thousand estimated.
2. The previous two months were revised higher by another 15 thousand jobs.
3. The unemployment rate is only 3.8% - the lowest since the global financial crisis
4. Under-employment (U-6) dropped from 7.8% to 7.6% - also the lowest since the global financial crisis of 2008/9.
5. Unemployment among blacks dropped to an all-time low of 5.9%.
The futures market were largely unchanged. For every investor delighted with the American job engine, another investor was frightened that a good jobs report makes the Fed more likely to raise rates, and they balanced each other.
I am concerned that the President, who is always given the number late the day before, tweeted this morning that he was excited about the jobs report at 8:30 AM. I'll give him the benefit of a doubt that he was not telegraphing the good report to his Wall Street buddies, but hope he will learn that his tweet was inappropriate and doesn't do it again. Every investor should get the news at the same time, whether they read the President's tweet or not.
1. New jobs created in May was 223 thousand, substantially more than the 188 thousand estimated.
2. The previous two months were revised higher by another 15 thousand jobs.
3. The unemployment rate is only 3.8% - the lowest since the global financial crisis
4. Under-employment (U-6) dropped from 7.8% to 7.6% - also the lowest since the global financial crisis of 2008/9.
5. Unemployment among blacks dropped to an all-time low of 5.9%.
The futures market were largely unchanged. For every investor delighted with the American job engine, another investor was frightened that a good jobs report makes the Fed more likely to raise rates, and they balanced each other.
I am concerned that the President, who is always given the number late the day before, tweeted this morning that he was excited about the jobs report at 8:30 AM. I'll give him the benefit of a doubt that he was not telegraphing the good report to his Wall Street buddies, but hope he will learn that his tweet was inappropriate and doesn't do it again. Every investor should get the news at the same time, whether they read the President's tweet or not.
