The Bureau of Labor Statistics released the June report on unemployment today. Unemployment fell from 5.0% to 4.7% and the economy added only 38,000 jobs in May. The job gain was the lowest since 2010.

In the last few years, the market has averaged gains of 200,000 jobs per month. April’s gains of 123,000 jobs and the May gain of 38,000 are well below the average for the last few years.

A few notable points on this report. First is the month long strike occurring at Verizon, which depressed information sector payrolls by 34,000 jobs. ...

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