From the Desk of Robert Dye

Today we saw two more data points bolstering our view that labor markets bounced back from weaker hiring in March. The Job Openings and Labor Turnover Survey (JOLTS) for April showed an uptick in the rate of hiring, to a strong 3.7 percent. Also, the National Federation of Independent Business’s Small Business Optimism Index for May increased to 98.3 in May as hiring plans improved. Both data points are supportive of the first move in the Federal Reserve’s “crawl” toward a higher fed funds rate this year.

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