To the dismay of House Republicans, the economy continues to improve without them or in spite of them.
The ADP Research Institute announced yesterday that 285,000 jobs were added to the economy during the month of June, but the Labor Department announced today that the economy added 288,000 jobs during the month of June The unemployment rate also fell.
via Bloomberg
The addition of 288,000 jobs followed a 224,000 gain the prior month that was bigger than previously estimated, Labor Department figures showed today in Washington. The median forecast in a Bloomberg survey of economists called for a 215,000 advance. The number of long-term unemployed Americans fell to 3.1 million, showing they’re having greater success finding work.
The unemployment rate now stands at 6.1 percent.
This is all good news, but things aren’t entirely as great as they appear. Millions of people are still unemployed and a significant portion of the long-term unemployed have dropped out of the job market entirely and are no longer being counted.
Nevertheless, this can’t be painted as anything other than good news. Unless you’re Fox Business host Charles Payne. He’s not sure how to feel about this. It may actually be bad news.
Is the jobs number too good for the stock market…equity futures are drifting lower not sure how to react
— Charles V Payne (@cvpayne) July 3, 2014
Is it, in fact, too good for the stock market?
Stocks rose after the report, with the Dow Jones Industrial Average climbing above 17,000 for the first time. The Dow climbed 0.3 percent to 17,030.08 at 9:32 a.m. in New York. The Standard & Poor’s 500 Index also advanced 0.3 percent to a record.
Derp.