Somehow, someway, the economy just keeps on keeping on. Despite numerous factors indicating that we’re long overdue for a recession, the latest jobs report from the Bureau of Labor Statistics indicates that the longest bull market in history isn’t ending any time soon.
Our unemployment rate remained at a half-century record low of 3.6%, but most astounding was the 128,000 non-farm jobs added to the economy. Economists expected that figure to be a mere 75,000, a little more than half the actual amount. Strikingly, these aren’t coming from manufacturing, a sector that’s continued to crater over the past quarter. Instead, it’s come from growth in the food and drink service industries, as well as notable upticks in social assistance and financial activities.
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