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Bob Carey
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  US Economy and Credit Markets Ended July 5, 2019
Posted Under: Weekly Market Commentary

 
Treasury yields rose last week, boosted by a stronger-than-expected U.S. jobs report released on Friday. The report showed that the U.S. economy added a robust 224,000 jobs in June, well above the forecasted gain of 165,000. June marked 105 consecutive months that the U.S. economy has added jobs, the longest streak on record. The last month the U.S. economy lost jobs was September 2010. The report also showed that average hourly earnings for all employees increased 3.1% from a year ago, near February's 10-year high of 3.4%. Despite the strong jobs report, the Federal Reserve is still widely expected to cut interest rates at its July 30-31 meeting. Meanwhile, International Monetary Fund chief Christine Lagarde was nominated to succeed Mario Draghi as president of the European Central Bank when his term ends on October 31. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Wednesday: July 5 MBA Mortgage Applications (N/A, -0.1%), May Final Wholesale Inventories MoM (0.4%, 0.4%); Thursday: July 6 Initial Jobless Claims (221k, 221k), June CPI MoM (0.0%, 0.1%); Friday: June PPI Final Demand MoM (0.1%, 0.1%).
Posted on Monday, July 8, 2019 @ 8:49 AM • Post Link Share: 
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