The KUIK Morning Market Report for Thursday, June 1:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
13
points
21,022
7:11 AM
S&P500
Up
0.2%
percent
2,416
3.92
Nasdaq Composite
Up
0.1%
percent
6,206
7.61
30 Year Treasury
Up
3
Basis Points
2.89
Annual Yield
The Labor Department reports new claims for unemployment benefits jumped by 13,000 to 248,000 this week. Economists expected only 239,000. Continuing claims fell by 9,000 to 1.92 million. They’ve been under 2 million for seven straight weeks. Tomorrow the government is expected to report the U.S. economy added 185,000 new jobs in May, more than enough to cover all the new people entering the labor force and keep the unemployment rate near a nine-year low of 4.4%.
ADP reports employers added a seasonally adjusted 253,000 in May. Mark Zandi, chief economist for Moody’s Analytics called job growth “rip-roaring. Economists expected only 170,000 new jobs. He said there are still some headwinds for the labor market, including the continued retirements of the baby- boom generation. That’s going to continue to keep labor force participation flat.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
