June Employment Update: Growth Forecast On Track; S&P Valuations Rich

Economic Composite

I updated my economic composite to reflect the release of the U.S. Labor Department's employment report on July 7. The report showed an increase in nonfarm employment of 222,000 in June. The figure was solidly ahead of the consensus estimate of a gain of 170,000 as reported by Bloomberg.

On another positive note, preliminary numbers were revised upward for the previous two months. May’s gain of 138,000 jobs was revised to 152,000, and April’s gain was increased from 174,000 to 207,000. Monthly increases in nonfarm employment have been averaging a solid 180,000 through the first half this year.

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