I take a week off and sure enough the Dow decides to push through 17,000. The rally on Thursday was spurred by an exceptionally strong jobs report. In June, 288,000 jobs were created, marking the fifth straight monthly gain in excess of 200,000 jobs. In 2014, the US has added an average of 231,000 jobs per month. This pace is nearly 20% faster than the rate of job creation during 2013. In addition to the strong June numbers, employment gains for the prior two months were revised upward by 29,000 combined.
Wages may be stagnant and average hours worked may not be increasing, but at least jobs are being created. And not only that, we're seeing broad based hiring across nearly all industries. The unemployment rate dropped to 6.1%, the lowest since 2008, but of course we know there are distortions at play here.
Below we can see a chart of job creation ... Log in or subscribe to continue reading.
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