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Monday, July 11th, 2022 via research team at Titan

“Without deviation from the norm, progress is not possible.”- Frank Zappa

➊ Job growth accelerates: Payrolls beat expectations and increased by 372,000 in June despite looming fears of a recession. The job gains come as GDP fell 1.6% in Q1 and as inflation continues to rise. The unemployment rate held steady from May at 3.6%.

Titan’s Takeaway: Despite a Fed intent to raise rates to curb inflation, labor appears surprisingly resilient. If anything, the Fed may take June’s employment numbers as even more reason to continue a policy of rate hikes to cool down the economy.