The non-farm payroll number came in a little shy of expectations, but the previous two months were both revised higher. The monthly and year over year average hourly wage number was as expected, again indicating the wages continue to increase, but at a rate that won’t worry the Fed with regards to inflation. The unemployment rate sits at 3.9%. Summary- the jobs environment is good, but not too hot.
Stocks were quiet for most of the trading session but with a positive bias. The lack of volatility was a sure tell that it’s a Friday in the middle of the summer. By the close, the Dow Jones Industrial Average was up 136 points to finish the day at 25,462. The S&P 500 was up 13 points to close at 2,840. Gold was up $2 to trade at $1,222 per ounce, while oil was down $.36 to trade at $68.60 per barrel WTI.
It was an odd week for stocks, one that saw damage in certain areas, but also one that showed the kind of resilience that might embolden the bulls. Earnings season is wrapping up, and it was a good one with some notable exceptions. As expected the Fed passed on a rate hike this week, but the economy continues to do fine. We are in the dog days of summer- let’s see what next week has in store for us. We’ll be here to let you know.
Have a great weekend everyone.