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Title : The Market, Energy, And Political Page, T+1 -- June 1, 2018
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The Market, Energy, And Political Page, T+1 -- June 1, 2018

T+1: first full day that steel and aluminum tariffs have been imposed on the EU, Canada, and Mexico. CNBC anchors, contributors, and analysts yesterday afternoon went nuts over this -- how this would adversely affect the US stock market. So, where are we today? The Dow is up 206 points. It would be up another eight hundred points except for the fact that the May jobs report was so incredibly incredible that it all but guarantees a fifth "Fed" rate hike this year -- probably all before November.

Let's take a look at how the jobs report was reported:

• NY Times: 

• 223,000 jobs added vs 190,00 expected (Bloomberg)
• unemployment rate ticks down from 3.9% to 3.8%, lowest since early 2000
• year-over-year wage growth: 2.7%

The American economy roared into overdrive last month, delivering the strongest job gains since February. The report underscored other recent signs of strength, like robust personal income and spending data reported earlier this week. Indeed, by just about any measure, the labor market is very healthy. The unemployment rate for May was at lows not seen since the heady days of the dot-com bubble.

Policymakers at the Federal Reserve are almost certain to raise interest rates when they meet this month, and have said they expect at least one more increase later this year, most likely in September or December. The stately pace of the Fed’s campaign to tighten monetary policy has reassured Wall Street, which has been edgy lately over trade tensions and the prospect of a populist-style government in Italy.

• The New York Times: 

• "Trump's tweet correctly called a good jobs number: DealBook Briefing."
• WallStreet Journal (this story was so unremarkable it has garnered only one comment so far, by the way)

• Yahoo Finance:

• job gains beat expectations
• unemployment rate hits 18-year low
• if the unemployment rate drops another 0.1% (to 3.7%), it will be the lowest since the 1960s
• wage growth better than expected
• labor force participation: 62.7%, a 0.1% decrease from prior month
• U-6, the underemployment rate, "the true unemployment rate" -- at 7.6% is a new post-crisis low; lowest since May 2001

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