Friends
The jobs number was better than expected with a hefty 209,000 new jobs created in July. The unemployment rate sits at 4.3%, while average hourly earnings ticked up .3% to a year over year gain of 2.5%. Remember, the Fed will be watching that average hourly earnings number to see if at some point we get some real wage inflation. Despite the unemployment rate being at a level of near “full employment”, we really have not seen a proportionate rate of gain in wages. The markets pretty much greeted the jobs news with a bit of a yawn. Once again, stocks simply drifted throughout the trading session-but drifted higher.
By the close, the Dow Jones Industrial Average was up 66 points to finish the day at 22,092. The S&P 500 was up 4 points to close at 2,476. Gold was down $10 to trade at $1,264 per ounce, while oil was up $.47 to trade at $49.50 per barrel WTI.
As mentioned, stocks continue to drift higher, but without much conviction. Perhaps that’s the best scenario of all right now.
Have a great weekend everyone.
