This morning's employment report from the Department of Labor showed hiring picked up in June, with 195,000 non-farm payrolls added. This was above expectations of 165,000 jobs being added. Unemployment was unchanged at 7.6%, which is a slight disappointment given the uptick in job creation.
Employment rose in leisure and hospitality, professional and business services, retail trade, health care, and financial activities. In June, the number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 4.3 million. These individuals accounted for 36.7% of the unemployed. Over the past 12 months, the number of long-term unemployed has declined by 1.0 million.
The U.S. dollar index immediately shot higher on the news, with gold futures posting an immediate negative reaction.