Good Monday Morning!
The June Employment Report came out last Thursday and was very positive. There were 4.8M jobs created in June on expectations of 3M. The Unemployment Rate dropped to 11.1% on expectations of 12.3%. The Manufacturing sector created 365,000 new jobs which is a particularly good sign for the economy as we begin the 3rd Quarter. One area of caution in the Jobs Report is the fact that 40% of the new jobs were in the hospitality industry which is particularly vulnerable to a potential pull-back in reopening plans for states across the US as we see a resurgence in COVID-19 cases. This is a very light week for domestic economic news. We can expect interest rates to stay at current levels. Have a great week!