Good Monday Afternoon! The Employment Report for July showed an increase of 1.763M jobs, exceeding the markets’ expectation of 1.6M jobs. The Unemployment Rate dropped to 10.2% beating expectations of 10.5%. It is interesting to realize that the lowest Unemployment Rate in the last 10 years occurred in February at 3.5% and the highest occurred in May at 14.70%. While the July employment numbers are positive, we are still in a place of very high unemployment and Continuing Jobless Claims, as of last Thursday, stands at 16.107M Americans. As we’ve seen for weeks now, the bond market shrugged off the news and is holding to it’s very narrow trading range - interest rates have stayed virtually the same for the last three weeks. This will be a quiet week for economic news.
Enjoy the week!