Wells Fargo Weekly Economic and Financial Commentary for June 5, 2015:
Payrolls Suggest Weakness Should Be Temporary
· Payrolls jumped by 280,000 in May, with stronger average hourly earnings, keeping a September rate hike on the table.
· Income gains remained strong in April, but consumer spending was merely flat over the month, pushing core inflation to a paltry 1.2 percent year-over-year rate.
· Factory orders contracted in April, but the ISM manufacturing index bounced back in May, suggesting some of the earlier weakness may finally be behind us.
· After port disruptions subsided, the April trade deficit narrowed by nearly $10 billion.
To read the full commentary, please click here.
Tags: economy, employment