Stocks were mixed. U.S. payrolls increased much faster than forecast pointing to a robust employment market, no recession risk, but perhaps less deflationary tailwinds as economists had hoped.
• U.S. job numbers came in much stronger than estimates.
• Wages continued to climb, though on a year-over-year measure are showing smaller sequential increases.
• Japan's former Prime Minister Shinzo Abe Was Assassinated.
Headlines of the Day
Stocks End Mixed After Solid Jobs Report
The June employment report revealed that the U.S. economy added more jobs than expected.
Japan's former Prime Minister Shinzo Abe Was Assassinated
Abe had just begun a campaign speech in the western city of Nara on Friday when he was shot from behind, from a distance of about three meters (10 feet).
Payrolls increased 372,000 in June, more than expected, as jobs market defies recession fears
Nonfarm payrolls in June increased by 372,000, topping the 250,000 estimate. The unemployment rate remained at 3.6%.
Food Price Drop Offers Limited Relief to Squeezed Shoppers
United Nations gauge of global food costs fell 2.3% last month. Prices hit record earlier this year, exacerbating inflation.
Romania Reopens Soviet-Era Rail Line to Aid Ukraine Grain Sales
Country fixed link connecting Danube port of Galati to Ukraine. Ukraine’s exports have slumped with Black Sea ports blocked.
Economic Data Results for 7-8-2022
United States Non Farm Payrolls
The American economy added 372K payrolls in June of 2022, much better than market forecasts of 268K and only slightly below a downwardly revised 384K in May. Figures came in line with the average monthly gain of 383K over the prior 3 months, still pointing to a tight labour market.
United States Unemployment Rate
The US unemployment rate was unchanged at 3.6 percent in June of 2022, the same as in the previous three months, remaining the lowest since February 2020 and in line with market expectations.
United States Average Hourly Earnings MoM
Average hourly earnings for all employees on private nonfarm payrolls in the US rose by 10 cents, or 0.3%, to $32.08 in June of 2022, following an upwardly revised 0.4% gain in the prior month and matching market estimates.
Average Hourly Earnings YoY JUN
Average Hourly Earnings YoY in the United States decreased to 5.10 percent in June from 5.30 percent in May of 2022.
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