It’s Friday and that means it’s time to review the latest economic data and identify which pockets of the economy are heating up and which are slowing down. Don’t worry about catching every headline and every report throughout the week—I recap all of the most important news impacting your wealth right here every Friday. Let’s take a look at this week’s big headlines:
ADP Reports Lackluster Payroll Growth
The ADP reported that 158,000 private sector jobs were added in June, well below economists’ estimates for 185,000 jobs. The ADP also lowered its private payroll report for May to 230,000 jobs, down from the 253,000 jobs previously reported. Weekly jobless claims also climbed higher for the third-consecutive week. Unemployment claims jumped to 248,000, above economists’ estimates for 243,000 claims.
Labor Department Survey Comes Out Better than Expected
And then on Friday morning, the Labor Department revealed that 222,000 jobs were added in June, topping estimates for 194,000 jobs. The unemployment rate rose slightly to 4.4%, which missed estimates for 4.3%. Wage growth also remained relatively stagnant, only climbing 0.2% over May and up 2.5% year-over-year. The pace of wave growth continues to be lower than Fed officials’ forecast and may cause some hesitation in raising interest rates further.
That’s all I have for you this week; I’ll be in touch again next week with the latest ratings updates out of Portfolio Grader.
Have a great weekend,