Eddy Elfenbein submits: The highly anticipated jobs report came out on Friday. Last month, the economy created 121,000 nonfarm payrolls which is 64,000 less than what economists were expecting.
The May payroll number was revised higher to 92,000 from 75,000. The April number was pared back to 112,000 from 126,000. The unemployment rate stayed the same at 4.6%.
How will this affect the market? It’s hard to say just yet. According to the futures market, Wall Street thinks there’s a 63% chance of another rate hike coming.
Related article: U.S. June Employment Data Not That Bad.