Huge beat today in the US with June non-farm payrolls coming in well above expectations

Huge beat today in the US with June non-farm payrolls coming in well above expectations. Employment increased by 288,000 last month, substantially higher than the consensus forecast of 210,000. Meanwhile, the unemployment rate dropped to 6.1%. Job gains came from a variety of sources including business services, retail, food services, and health care. The annual rise is employment gains hit 2.13%, the highest level in seven months. The very strong report combined with another upbeat jobless claims report is clearly good news for the US economy. Does that make it more likely an interest rate increase will come sooner? I doubt it. We still need to see wage growth for the Fed to be concerned. Overall, the jobs report can really only be viewed as a good sign. (VIEW LINK)