Payne's Perspective: June 8, 2020: The Most Dangerous Bears
It was the jobs report that jarred the experts and sent the stock market rally into overdrive on Friday. Investors were bracing for more than 8 million job losses in May, but it turns out in the preliminary read, 2,510,000 jobs were created. Hallelujah!
However, the celebration was tempered by ongoing protests and nationwide unrest, and forces determined to minimize any good news for political reasons.
Key industries that took major hits in April saw the largest rebound, except transportation and warehousing, which surprised me. Note: leisure and retail are the lowest-paying industries, so the big bounce lowered overall wage growth. I bet those folks are thrilled to be back at work.
To read the full report, contact your account reprrepresentative or email Research@wstreet.com.
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