U.S. Review
All the Rage is the Wage
• Nonfarm payrolls sparked a few fireworks, increasing a morethan-expected 288,000 in June and with the unemployment rate falling to 6.1 percent. Gains were broad-based including the long depressed government sector. Revisions were also
upbeat with April and May increasing on net by 29,000 jobs.
• The recent string of labor market improvement will put the Fed in the hot seat, but slack was still evident in today’s nonfarm payroll report. Average hourly earnings slipped to 2.0 percent over the past year, which is still well below the long-run average.
Global Review
Slow Growth Spell Continues in Global Markets
• The news on the global economy continued to be unimpressive, with the sole exception being news coming from the U.K., as the Markit manufacturing PMI continued to improve.
• China, Japan, Canada and the Eurozone continued to disappoint while Brazil is faltering due to the troubles of the Argentine economy and what seems to be a never-ending litigation with the holdouts of its 2001 debt default.
Read the full report: Economic Research