Stocks Soar On Blowout Jobs Report
Stocks soared on Friday after a blowout jobs report.
The market was expecting the Employment Situation report to show as many as 180,000 new jobs being created, but instead it showed a staggering 266,000 (254,000 in the private sector and 12,000 in the public). That was a huge beat. In addition, last month's report was upwardly revised from 128K to 156K, showing another 28,000 more jobs were created than previously thought. And as if that wasn't enough, the unemployment rate fell from 3.6% (near a 50-year low) to 3.5% (an actual 50-year low).
The biggest job gains came from Manufacturing with 54,000 new jobs; Health Care with 45,000 new jobs; Leisure and Hospitality also with 45,000 new jobs; Professional and Technical Services with 31,000 new jobs; Transportation and Warehousing with 16,000 new jobs; and Financial Activities with 13,000 new jobs.
What a report!
The good news kept coming with the Consumer Sentiment report jumping up from 96.8 to 99.2. Not surprising given our record employment, wages on the rise, and household income at the highest level in 20 years.
I've said it before and I'll say it again, these are historic times for the economy, and historic times for the market.
One day, people will look back at this period in time, and marvel at the historic opportunities for both.
As an investor, that means the opportunity for historic gains.
So make sure you're taking full advantage of it.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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