Business News

Another Blockbuster Jobs Number

It’s been a jobs roller coaster lately… monthly U.S. payroll gains have ranged from 11,000 to 287,000 in the previous two months, but this morning’s jobs number might just provide some context for what was starting to look like a hiring slowdown in 2016.  And a great number it was: The US economy added 255,000 jobs in July, that topped expectations that the pace would have moderated to 180,000.  The robust rate of job creation in June and July comes as a welcome sign for policymakers after a dismal reading in May ignited concerns that the labour market, which has been one of the strongest pillars of the recovery from the financial crisis, had hit the skids. (FT)
 
It’s been a great month for biotech: The US biotechnology sector has roared higher since late June, partly offsetting a rout that began in December, as sentiment over risk assets has improved and investors have bet on M&A and innovation.  The Nasdaq biotechnology index has surged by more than a fifth since June 27, while the broader S&P 500 index has advanced by a more modest 8 per cent. (FT)
 
The U.S. Chamber of Commerce has sued the federal government, alleging the Treasury Department's rules limiting tax-motivated inversion transactions violate the law. The suit claims the government rewrote the Internal Revenue Code itself after Congress wouldn't go along with President Obama's proposed legislative changes to limit inversions. (SA)
 
S&P 500 futures are up 7 and NASDAQ futures are up 22. The MSCI International Index is up 1/10 a %.
 
Oil is down $.03 cents at $41.90 a barrel.
Gold is up $.50 at $1377 a Troy ounce.
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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