US employers added more jobs in June than forecast and the unemployment rate held near a five-decade low, suggesting hiring needs are so far eclipsing concerns about the economic outlook.
- Here are the key numbers from Friday’s Non-Farm Payroll report:
Non-farm payrolls: +372,000 vs. +268,000 expected and a revised +384,000 in May
Unemployment rate: 3.6% vs. 3.6% expected and 3.6% in May
Average hourly earnings, month-over-month: +0.3% vs. +0.3% expected and a revised +0.4% in May
Average hourly earnings, year-over-year: +5.1% vs. +5.0% expected and a revised +5.3% in May
Specialty Capital believes that although there are real recessionary risks in the market, consumer spending and demand remain strong, particularly in the #retail #restaurantindustry #hospitality #medical and we continue to be aggressive in our offerings across the board.
The labor market remains tight and surprisingly many people are still quitting their jobs. These supply and demand side technicalities in the labor force convey a consumer that still has a strong balance sheet, partly due to the #stimmies. We remain optimistic but continue to stay vigilant.