Related: China Preparing $60B Tariff Retaliation on U.S. Goods
Previous Month Revision
Despite the missed expectations in July, the Labor Department reported that the previous months’ jobs numbers were revised higher with the May reading jumping from 244,000 to 268,000. June’s number increased from 213,000 to 248,000–an increase of 59,000 for both months in the aggregate.
“The headline number might have missed targets, but remember May and June were revised higher. In fact, those two months are now the two strongest months since July 2016,” said Ryan Detrick, senior market strategist at LPL Financial. “We continue to see steady payroll growth, while inflation remains contained. That is a nice combination for continued equity gains.”
For more market trends, visit ETFTrends.com