Understanding Last Week's Jobs Report
Last Friday was an unusual day for domestic stock prices as almost every major stock index finished down over 2% for the week. This was the first sharp correction since the middle of April. Many International stock indexes fared worse, on the back of some unfavorable news regarding Trump’s tariff deals, or lack thereof. For domestic stocks, the vast majority of Friday’s damage came after a disappointing jobs report. It didn’t help that Trump immediately moved to kill the messenger by firing Erika McEntarfer, the head of Bureau of Labor and Statistics (BLS). Yesterday (Monday) stock prices rebounded and erased Friday’s losses, but that jobs report is still important to understand. In this newsletter, we are going to look at what was in it, what it means for the economy, and what it might mean for markets going forward.