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The markets are showing a strong winning streak for Wall Street. The S&P 500 set a record for the eighth time in the last 10 sessions. The Dow and Nasdaq, both up by 1.2% and 1.9%, respectively, over last week, are showing signs of growth, too.
But one market that’s getting all of the attention is the U.S. jobs market, which has shown a major turnaround: The United States added 217,000 jobs in May, according to the jobs report. Numbers are showing that the economy is in rebound mode, as employment rates have officially hit their pre-recession peak.
An uptick in hiring and an increase in activity all across the board, from auto sales to factory production, seem to have done the trick.
One sector showed particular progress: “Manufacturing was notable – it tied the record for the highest average hourly work in manufacturing. When you see people working those kinds of hours… [it] tells you [that] you have a lot of demand for those products. You may start adding jobs at an even faster pace in the future,” according to Jason Furman, Chairman of the Council of Economic Advisors.
The unemployment rate is at its lowest level in five-and-a-half years, sitting at 6.3%, and the turnaround in the jobs report gives even greater hope for a solid economy…
Another Step in the Right Direction
No matter which way you slice it, the jobs report beat analysts’ expectations for the past few months. Frankly, that’s all that the equity markets are concerned with. Absolutes of good or bad mean nothing. The equity markets care about one thing: Are things getter better or worse? And Jeff Saut, Chief Investment Strategist of Raymond James Financial, says that things are getting better….
What’s more, the Fed says that it doesn’t plan to raise rates for a “significant time” after it puts an end to the bond-purchasing program. Federal Reserve Governor Jerome Powell predicts mid-2015 at the earliest… if the economy keeps its current pace.
In Pursuit of the Truth,
Politics Research Team