Many people might have made the same face as the woman in the video upon hearing that only 38,000 jobs were added in May -- yes, that was more than 120,000 jobs below the consensus forecast. All the jobs appear to be in the health care sector, which added 46,000 last month. Professional and business services was the other big gainer, up 10,000 jobs. But mining continued its decline. While Verizon (VZ) workers who went on strike for better pay and working conditions did not show up on the payroll for six weeks, contributing to the significant loss of jobs reported in information services.
+38,000 pic.twitter.com/GwfDiBeWZZ¿ Ivan the K¿ (@IvanTheK) June 3, 2016
With the dismal jobs report comes the speculation of whether or not the Federal Reserve will install an interest rate hike in June. Real Money contributor James "Rev Shark" DePorre succinctly tracked the chance of a June hike, and after Friday's job report, a rate hike does not appear likely. As DePorre tweeted later in the day, keep an eye out for Fed Chair Janet Yellen who will speak on Monday before the World Affairs Council of Philadelphia.
Futures now pricing in a 3.8% chance of a June hike
july 36%¿ James DePorre (@RevShark) June 3, 2016
And casual Friday is going beyond the last day of the work-week for JPMorgan Chase (JMP). The bank is relaxing its dress code policy making it so all employees can dress business casual. According to a Wall Street Journal report, the internal memo from CEO Jamie Dimon said the move reflects how the bank is changing. In case you were wondering, jeans are not considered business casual.
--Written by Anders Keitz