195,000 Jobs, 7.6% Unemployment Rate – Calculated
Risk
Payrolls +195K Much Higher Than Expected;
Underemployment Rate Soars To 14.3% - ZH
Data Analysis: Highlights from the June Jobs
Report – WSJ
Private Payrolls: +202k – The
Capital Spectator
195K New Jobs Added, But Unemployment Remains
Unchanged at 7.6% - dshort
The Unemployment Rate Is Not Signaling a
Recession: Update – dshort
Brightening jobs picture may draw Fed closer to
tapering – Reuters
Job growth was
stronger than expected in June and the employment count for the prior two
months was revised higher, showing the economy on solid ground and likely keeping
the Federal Reserve on track to scale back its massive monetary stimulus later
this year.
Instant View: Jobs growth stronger than
expected in June – Reuters
Macro Digest: June US payrolls – as good as it
gets – TradingFloor
The US June payrolls were strong on the surface, but
not as strong below the headline figures. Still, with the Fed pondering
tapering, this was probably the best result for the markets.
Treasuries Slide as Dollar Rallies With Stocks
on Jobs – BB
Treasuries sank,
sending the 10-year yield to the highest since August 2011, while the dollar
rallied and gold tumbled as faster-than-forecast jobs growth fueled bets the
Federal Reserve will begin to reduce its bond buying. U.S. stocks extended a weekly gain.
Dollar Posts New Leg Up on Favorable Employment
Report – Marc
to Market
The Market's Schizophrenic Reaction To Payrolls – ZH
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Five Takeaways From the Jobs Report – WSJ
Employment Report: More Hiring, Wages Up, Still
Weak Labor Market – Calculated
Risk
Overall this was a
solid report - especially with the upward revisions to April and May employment
and the pickup in wage gains. But the
labor market is still weak and millions of people are unemployed or underemployed.
Economists React: Good Enough for the Fed to
Pull Back – WSJ
Better-than-Expected Employment Report, QE
Tapering Likely in September –
ZH
Goldman: We now expect
QE to continue through Q2 2014 vs. our prior forecast of Q3 2014.
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The June jobs report: continued slow growth,
bought at a high cost – Fabius Maximus
Strong months confirm
the optimists; weak months confirm the pessimists. In fact the trend of growth
remains the real story, with the US economy near stall speed — supported only
(like the other developed nations) by massive multi-year fiscal and monetary
stimulus.
No Manufacturing Jobs But More Waiters And
Bartenders Than Ever – ZH
Some Troubling Signs In June’s
Jobs Report – WSJ
The number of
Americans working part-time because they can’t find full-time jobs and the
number who want jobs but have given up looking both jumped last month.
The June 2013 jobs report & the Fed – Money
Supply / FT
The jobs report fits
the Fed’s optimistic economic scenario… However, there is a gap between
payrolls and indicators of GDP growth… Higher participation could slow tapering
and delay rate rises… The market is not reacting as the Fed’s models would
predict… Underlying all this, the US economy seems a lot healthier
Establishment Survey Jobs +195K; Household
Survey Jobs +160K; Part-Time Jobs +486,000; Unemployment Flat, U6 Unemployment
+0.5 – Mish’s
The jobs report was pretty good! The market
response isn't. – Wonkblog
/ WP
The direction of the
move was right. But the extent of the move seemed a little overdone; it’s hard
to imagine that a single good payroll number contained any real useful
information about the probability of an interest rate hike 18 months from now.
Real Hourly Wages and Hours Worked: More Signs
of Encouragement – dshort
A Solid But Not Spectacular Employment Report – Tim
Duy’s Fed Watch
But the Fed is only
looking for solid at this point to justify winding down quantitative
easing. And time is running short to
delay tapering. I suspect that incoming
data has more to do with future reductions in the pace of asset purchases
rather than the date that those reductions will begin. I suspect there will be little data between
now and September of sufficient negative magnitude to dramatically alter the
near-term path of policy.
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Strong job report for June - Fed tapering in
September – Danske
Bank (pdf)
Non-farm payrolls
increased by 195,000 in June and private payrolls rose 202,000. Both figures were higher than expected by consensus.
Public and Private Sector Payroll Jobs: Reagan,
Bush, Clinton, Bush, Obama – Calculated
Risk
Bernanke Seen Sticking to QE Tapering Plan
After Jobs Report – BB