On Friday the government announced the Employment Situation Report with only 38,000 new jobs had been created, against an expectation of a worst case scenario on 115,000 new jobs. Worse, prior job estimates continue to be revised lower, with material downward revisions in the previous 2 months data. Last month’s non-farm payrolls were downward revised from 160,000 to 123,500, and the previous months revised downward again!
This was a devastatingly bad report, with almost nothing could be interpreted in a positive light.
Market’s are up this morning no doubt on the likely hope the fed will not raise interest rates in June, and possibly forget about July as well.
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James Morgan, CFP®, JD – 303-457-9500