On Wednesday, Wall Street started the third quarter with a modest rally, helped by encouraging reports on housing and manufacturing. As Wall Street heads into the last day of this holiday-shortened week, stock futures are significantly lower after the government’s jobs report showed more jobs were lost last month than expected.
Employers cut 467,000 jobs from non-farm payrolls in June, while economists expected a smaller job loss of only 365,000. The unemployment rate ticked up by 0.1% to 9.5% and since this number is a lagging indicator, it will likely climb higher. Average hours worked fell from 33.1 to 33.0. Hours worked is a leading indicator for payroll levels as employers will likely work employees longer before hiring additional workers. Separately, weekly claims decreased from last week, but still remain elevated at 614,000. Still to come is a report on May factory orders.
- Harrington Wealth Management
- Our firm provides comprehensive trust and investment management services by employing a customized asset allocation approach. By focusing on the individuality of each client, Harrington Wealth Management Company has helped high net worth individuals, families, and small institutions grow and sustain their wealth through proven investment practices since 1994. A fee-only advisor, we also offer other financial services from our offices in California, Kansas and Indiana that include custody, estates, land trusts, probate administration, guardianships, personal trust administration, retirement plan services, and investment consulting services.
