Source: Economics Group of Wells Fargo Bank, N.A.
Summary
The headline employment data for June generally were encouraging. Nonfarm payrolls increased by 147K last month, clearing a relatively low consensus forecast of 106K. Revisions to job growth in May and April were modestly positive. The unemployment rate fell by one tenth to 4.1%, and in a separately released report, initial and continuing jobless claims were roughly unchanged in the most recent week for which we have data.