- Last week the U.S. broke the record for the longest expansion in history, 120 months. The prior record spanned March 1991 to March 2001. The current expansion started in June of 2009 and has also been one of the slowest expansions on record, growing cumulatively by 25%. For comparison, the prior expansion starting in 1991 grew accumulatively by 42.6%. https://www.cnbc.com/2019/07/02/this-is-now-the-longest-us-economic-expansion-in-history.html
- On Friday the Bureau of Labor Statistics reported that the economy added 224,000 jobs in June, while the unemployment rate moved up to 3.7%. Job gains were led by professional and business services, health care and transportation/warehousing. The stock market reacted negatively to the positive surprise in employment figures. This is most likely due to the fact that the market was expecting a number that would provide further evidence of economic slowdown, which could push the Federal Reserve to lower the fed funds rate at their upcoming Federal Open Market Committee meeting on July 30th and 31st. A cut in interest rates is a stimulus measure that the Fed uses to foster economic activity. https://www.bls.gov/news.release/empsit.nr0.htm
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