May's astounding jobs report has something for both the Federal Reserve and the economy.
" stocks, as termed by Michael Harnett, Bank of America's chief investment strategist. But the prospect of higher interest rates is causing the bank to advise that investors "need something else to catch" now.Biden signed the Fiscal Responsibility Act on Saturday, putting to rest a completely unnecessary month of worrying about whether the U.S. will default on its debts and cause a global financial meltdown over petty politicking.
And yes, the astounding number of new jobs added in May suggests that the labor market is still robust, which might add to inflationary pressures. But look beneath that number and there are promising signs that employment doesn't have to crater to get inflation under control. The unemployment rate was higher than expected — but still near its 50-year low. Average hourly earnings were 10 basis points lower than forecast on an annual basis — but still higher than the historical average. In sum, figures look good for workers and the Federal Reserve.
"The so-called Goldilocks has entered the house," Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said.
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