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Blokland’s daily sketch

Blokland’s daily sketch


US jobs – flow beats stock

  • Jeroen Blokland
    Portfolio Manager

The US economy recovered 4.8 million jobs in June, which was 1.6 million more than expected. The official unemployment rate came in at 11.1%, down from 13.3% in May. Taking misclassification into account - people who are not categorized as being unemployed but should be - the unemployment rate for June would be 13.3%, down from 16.4%. These numbers show that the US labor market is recovering significantly from the Covid-19 crisis. Yet, 14 million jobs have still been lost when compared to before the outbreak. In addition, the estimated number of permanent job losses continues to grow. For now, however, flow beats stock. As long as we are moving in the right direction, market sentiment remains (very) upbeat.

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As a senior portfolio manager I use charts to illustrate financial issues every day. I tweet my favorites as @jsblokland and was named 'one of the 50 most important people for investors to follow in 2018' by MarketWatch.
Previous editions of the daily sketch can be found on my personal financial markets blog. All graphics provided are collected from Bloomberg data and public websites. They do not always reflect my personal opinion and may also not necessarily reflect the opinion of Robeco. Please cite all references or quote the original source if replicating content.

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