The Week Unpeeled
The US employment report for May showed that the economy has regained all the jobs lost since the financial crisis, with some 217,000 new jobs created last month for the fourth-straight monthly set of gains above 200,000. The unemployment rate was unchanged at 6.3 percent. A good sign for sure but analysts did not display too much exuberant optimism with much of the advance in lower-paying positions.
Elsewhere:
- Uber showed how all aspects of the economy/service industry are under complete overhaul as it fetched (WSJ word) a $18.2 billion valuation, a car-service app (note app!) that is worth more than Hertz;
- In other car news, an investigation cleared GM executives of wrongdoing but cited lapses in communications, among other issues;
- The Dow and other stock-market barometers continued to score record highs, closing the week 1.24 percent higher to close at 16,924;
- The King of Spain abdicated (sounds so dramatic, right?) the throne to his son Prince Felipe;
- Speaking of crowns, California Chrome failed to make it a triple; and
- Nadal reigned supreme at the French Open.
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