US Payrolls Rise 4.8 MILLION In June, Dow Jumps 1% (Taylor Rule Rises To -7.07% On Improving Unemployment Rate To 11.1%)

The markets were waiting for some goods news during the Covid-19 pandemic (although I am certain that Dr. Fauci (nee Strangelove) will produce some dire forecast about new swine viruses to rattle confidence). The good news is … Non Farm payrolls jumped +4.8 million in June.

And the number of working Americans rose for the second straight month and the unemployment rate dropped to 11.1% in June.

As a result of the decrease in the unemployment rate, the Taylor Rule (Rudebusch variation) now calls for a Fed Funds rate of -7.07%.

Dr. Fauci speaking today.

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