KEY POINTS
Nonfarm payrolls rose 224,000 in June, well above market expectations of 165,000, according to the Labor Department.
The unemployment rate edged higher to 3.7% but was still near 50-year lows.
Professional and business services led the job gains with 51,000, while health care added 35,000 and transportation and warehousing contributed another 24,000. Construction also added 21,000 and manufacturing, despite teetering on contraction recently, saw another 17,000 jobs added, above the 8,000 per month average in 2019 and getting closer to the 22,000 a month in 2018.
Wage growth was 3.1% year over year, one-tenth of a point below market expectations.
Stocks opened lower on the news and government bond yields surged.
The Department of Agriculture reports that April enrollment in food stamps — which is officially called the Supplemental Nutrition Assistance Program — was down more than 308,000.
So far this year, SNAP enrollment has declined by nearly 1.2 million. And since Trump took office, the number of people collecting food stamps has plunged by more than 6.7 million.
Links:
Strong job growth is back: Payrolls jump in June well above expectations
Gov’t Dependency Plunges Under Trump — Why Aren’t We Celebrating?
Jay has ANOTHER TRUMP WINNING SEGMENT below