"Two hundred and twenty-nine thousand, once again, just dovetails right in. I think the most important issue is we have 250,000 right on the nose on the first week in June. You have to go to October of last year to find a number above 250,000, so it's hard for me to get worried about this; and if this is considered the best real-time evaluation of the labor market, there's no issues that it's sending."
"At the end of his report, Santelli noted how the drama surrounding President Donald Trump's feud with the Federal Reserve despite all the media attention has had little impact on the economy itself. We want to continue to monitor the stories about the Fed, the stories about [Federal Reserve Governor Lisa Cook], and then look at things like, what's the percentage of the market and a quarter-point cut for September,"
Initial jobless claims were revised to about 229,000 after adjustments from 235,000 and 234,000. The first week of June registered 250,000, a level not exceeded since October of last year. Those readings indicate a steady labor market with no immediate warning signs. Political drama around President Trump's feud with the Federal Reserve has had little measurable effect on economic data or market behavior. Market-implied probability of a quarter-point Fed rate cut in September remained around 85 percent. The report was later reposted by the Trump administration on social media.
Read at www.mediaite.com
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