“Stocks were higher on Friday, July 6, after China and the United States slapped tariffs of $34 billion on one another and the U.S. added more jobs to payrolls in June than expected,” TheStreet reports.
“The state-run China Daily newspaper confirmed the Chinese government responded to the U.S. imposition of a 25% levy on 818 China-made goods with around $34 billion of tariffs on imported U.S. goods including autos and agricultural products,” TheStreet reports. “China’s retaliation essentially ensures that Donald Trump will follow through on his threat to boost those tariffs to $50 billion, and possibly as high as $500 billion, as he continues to press for generational changes in the trade relationship between the world’s two biggest economies.”
“The Dow Jones Industrial Average rose 145 points, or 0.6%, to 24,501, the S&P 500 rose 0.91%, and the Nasdaq was up 1.30%,” TheStreet reports. “The U.S. added 213,000 new jobs in June, topping economists’ forecasts of 195,000. The unemployment rate rose to 4.0% from 3.8%, the Labor Department said. Hourly wages in June rose 0.2% to $26.98. ‘The jump in the unemployment rate, at this stage, is not too alarming, and actually helps to explain why wages haven’t been surging,’ said Kathleen Brooks of Capital Index. ‘This report is generally risk-friendly, as it suggests that the U.S. economy remains in its sweet spot: Employers are hiring, however, wages aren’t rising fast enough to trigger sharper-than-expected rate rises from the Federal Reserve.’”
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“Despite increasing talk about the economy being near full employment, hiring continues to grow. Along with June’s upside surprise, the Bureau of Labor Statistics revised April’s count up from 159,000 to 175,000 and May’s from 223,000 to 244,000, a total of 37,000 more than initially stated,” Jeff Cox reports for CNBC. “The increase