Required Reading Of The Day

Greeks Defy Europe With Overwhelming Referendum ‘No’ – Fox Business

Greek Outlook Will Be Uncertain Even After Vote – WSJ

China’s Central Bank to Provide Liquidity to Help Stabilize Stocks – WSJ

U.S. Labor Secretary: Wage Stagnation Remains an Issue – Fox Business

U.S. Cuba Policy: Where Things Stand Now – WSJ 

Saudi Prince Pledges $32 Billion to Good Causes – WSJ

Good & Bad For The Week


  1. The bulls defend the 200 DMA line
  2. Consumer confidence rose to 101.4 in June, beating estimates for 97.4
  3. ADP said private employers added 237k new jobs in June, beating estimates for 220k
  4. The ISM manufacturing index came in at 53.5, barely beating estimates for 53.2
  5. Construction spending rose to 0.8%, beating estimates for 0.5%


  1. Still no deal in Greece
  2. Greece initiates capital controls and shuts down banking system
  3. U.S. pending home sales rose +0.9%, hitting the highest level in 9 years, missing estimates for a gain of +1.2%
  4. The Case-Shiller index slowed sharply to up +0.3%, missing estimates for a gain of 0.8%
  5. The Chicago PMI remains sluggish and came in at 49.4, missing estimates for 50.6
  6. The PMI manufacturing index came in at 53.6, barely missing estimates for 53.7
  7. Fake Jobs report missed estimates. Gov’t said economy created 223k new jobs in June, estimates 233k
  8. Factory orders fell 1%, missing estimates for -0.3%

And the fake job’s number is…?

Fake job’s number is out! Life is better. Things are better except at first blush, over 400,000 left the workforce in the past month. The fake rate is now 5.3%. The problem is that since this administration took office, the labor participation rate has crashed…enabling the rate to come down. If you added back all the supposed people that have left the workforce, we would be in the 8.5-9% range. But government would never fix the numbers so we need to believe exactly what they tell us. Just keep in mind, in a real employment recovery, the participation rate goes up, not down, as more people are more confident in looking for a job. And by the way, when I queried the labor department to get the list of people who left the workforce, they said there was no list. I then asked to give me the names of 5 people who left the workforce. They could not give me any names.

Futures are up as the market continues to recover from the early week’s nausea but leave no doubt, more deterioration has occurred. We will have a complete report over the weekend. Enjoy your July 4th.

Chart Of The Day: Monthly Change in Nonfarm Payrolls

Jobs Report: U.S. Payrolls Climb by 223,000, Missing Estimates For 233,000

Unemployment rate falls to 5.3% but pockets of softness lurk

WASHINGTON—U.S. employers steadily added jobs in June, but wages were flat and the participation rate fell, suggesting pockets of weakness remain in the labor market. Nonfarm payrolls rose a seasonally adjusted 223,000 in June, the Labor Department said Thursday. But revisions to the prior months showed weaker job creation this spring than initially estimated. Employers added 254,000 jobs in May, down from an initially reported 280,000. April’s gain was revised to 187,000 from a previously reported 221,000. The unemployment rate, which is obtained from a separate survey of U.S. households, fell to 5.3% in June, compared to 5.5% the prior month. The rate is the lowest since April 2008, but reflects fewer Americans were looking for jobs. Economists surveyed by The Wall Street Journal had predicted payrolls would rise by 233,000 in June and the unemployment rate would fall to 5.4%. Read More Here: Source:

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