Strong U.S,and Canadian Jobs Numbers

June 6, 2014

U.S. unemployment held at 6.3%.  Jobs climbed 217K, beating forecasts and exceeding 200K for a third straight time.  Broad under- and unemployment fell to 12.2% from 12.3%, and the 12-month rise of wages, 2.4%, from 1.9%.

Canadian jobs increased25.8K, 2.5 times expectations.

The euro is just 0.2% softer than yesterday’s close.  The ECB needs a much bigger depreciation that that.  The dollar is unchanged against the yen and shows little change otherwise.

Euro area bond yields are lower.

German industrial output only edged 0.2% higher in April following a 0.6% decline in March.  The German current account surplus widened 5% to EUR 18.4 billion in April.  The seasonally adjusted trade surplus grew by 18% on month.  The Bundesbank revised its 2014 growth forecast upward to 1.9% but projects inflation surprisingly high at 1.5% next year and 1.9% by 2016.

Britain posted a GBP 2.5 billion total trade deficit in April.  Merchandise trade generated a GBP 9.6 billion deficit.

Copyright 2014, Larry Greenberg.  All rights reserved  No secondary distribution without express permission.

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