Friday Jobs Report comes in at 38,000 jobs for May and the unemployment rate drops to 4.7%. Everything you need to know about the report.
Financial Review by Sinclair Noe for 06-03-2016
DOW – 31 = 17,807
SPX – 6 = 2099
NAS – 28 = 4952
10 Y - .11 = 1.70%
OIL - .39 = 48.76
GOLD + 33.10 = 1244.50
The US economy added 38,000 jobs in May, which is not a typo, it is the fewest jobs added in more than 5 years – just 38,000. The unemployment rate fell three-tenths of a percentage point to 4.7 percent in May, (again, not a typo) the lowest since November 2007. The unemployment rate went down for the wrong reason; not because people were finding jobs but because 458,000 people dropped out of the labor force. Most forecasts were calling for 150,000 to 180,000 new jobs, so this was a big miss.
The government revised down the number of new jobs created in April to 123,000 from 160,000. March’s gain was lowered to 186,000 from 208,000, or a downward revision of 59,000. Over the past 3 months, j