The monthly jobs report was released this morning and clearly there are no bright spots to report. The numbers came in worse than even the most pessimistic estimates. Normally the talking heads on TV can find some way to put a positive spin on it…but not today.
The economy created an anemic 18,000 jobs in June, the lowest in nine months. In addition, the unemployment rate rose to 9.2%. Immediately after the release, the stock market plunged on the news. As Federal Reserve Chairman Ben Bernanke said, the recovery remains “frustratingly slow.”
It’s amazing what one announcement can do to your account balance. Fortunately, our investors were unaffected by the news!
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