Weekly Commentary: Ebb And Flow

The U.S. economy created 943,000 jobs in July. With upward revisions, there were 938,000 positions added in June and 614,000 in May – for a notable three-month employment surge of almost 2.5 million. The Unemployment Rate dropped five-tenths to 5.4%, the low since March 2020.

For the two-decade period 2000 through 2019, Unemployment averaged 5.9%. Average Hourly Earnings were up 4.0% y-o-y in July, the strongest rise of the pandemic. And from Thursday’s Challenger data, July job cuts were the smallest since June 2000 (y-t-d cuts lowest on record). Throw in reports of acute labor shortages across industry groups and seemingly the entire economy, and it’s clear job markets are turning tighter by the week.

Building, Neon Sign, Communication, Job

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Disclosure: Doug Noland is not a financial advisor nor is he providing investment services. This blog does not provide investment advice and Doug Noland's comments are an expression of opinion ...

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