- The economy added 195,000 NEW jobs, which beat economist estimates, because they thought we were only going to add 155,000
- The S&P 500 gained 1 percent to 1,631.88 at 4 p.m. in New York. The benchmark index increased 1.6 percent for the week. U.S. markets were closed yesterday for the Independence Day holiday.
- Payrolls rose by 195,000 workers for a second straight month, the Labor Department reported today in Washington.
- The biggest job gains were in leisure and hospitality (up 75,000), professional and business services (up 53,000), and retail (up 37,000). Construction and manufacturing were little changed.
- The number of people working part time because they couldn’t find a full-time position rose by 322,000 from the month before. Some experts also pointed out that many of the newly-created jobs are in low-wage sectors.
My personal opinion is that this all sounds good and all, but I still feel like this growth is an illusion. I say it’s an illusion because its not natural, this growth is coming from the Stimulus that the government is pumping into the economy. Whats wrong with this is, is that this creates INFLATION for the lower and middle class since they are the basic building blocks for this economy, because it increases the price of assets. This program keeps the rich man’s INVESTMENT UP while the poor guys suffer!
Categories: Capital Markets