June 7, 2019 Headlines

The overnight session was quiet as market participants waited for the release of the May jobs report. After missing initial estimates, both US Treasuries and stocks advanced (SPX +.40%) as speculation increased around potential policy easing. Earlier in the week, Fed Chairman Powell signaled his openness to cut interest rates if necessary. Payrolls rose by only 75k in May which was lower than all Bloomberg survey estimates, and average hourly earnings missed increasing 3.1% YoY. Looking forward to next week, the economic calendar will be highlighted by CPI and Retail Sales on Wednesday.

Chris Eckhoff
Associate, Investment Management Group

6/7/2019Change in Nonfarm Payrolls175k75k263k224k
6/7/2019Two-Month Payroll Net Revision-75k
6/7/2019Change in Private Payrolls174k90k236k205k
6/7/2019Change in Manufact. Payrolls3k3k4k5k
6/7/2019Unemployment Rate3.60%3.60%3.60%
6/7/2019Average Hourly Earnings MoM0.30%0.20%0.20%
6/7/2019Average Hourly Earnings YoY3.20%3.10%3.20%
6/7/2019Average Weekly Hours All Employees34.534.434.4
6/7/2019Labor Force Participation Rate62.80%62.80%
6/7/2019Underemployment Rate7.10%7.30%
6/7/2019Wholesale Inventories MoM0.70%0.80%0.70%
6/7/2019Wholesale Trade Sales MoM-0.20%-0.40%2.30%1.80%
6/7/2019Consumer Credit$13.000b$10.281b

















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