Thursday, July 08, 2004

I was vacationing in San Francisco last week, so I missed commenting on the flaccid jobs report as it was released Friday morning. 112,000 new jobs in June, and downward revision of 35,000 for red-hot April and May. Not what I was expecting, but I’ll remember to keep it in context. 1,221,000 jobs created in the first half of 2004, folks. That’s a sizzlin’ number. Couple that with the Bond Market Association’s forecast that this will be the best year for GDP growth in two decades and you have tasty recipe for a sustained, solid recovery. Don’t fret the June Employment Report. Simply a bump in an upward trend.

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