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The Economy

June 11, 2014 | Weekly Commentary

Last week’s economic data and additional monetary easing from the European Central Bank helped push the stock market higher.  United States Non Farm Payrolls added 217k jobs in May while the unemployment rate remained unchanged at 6.3%.  US Factory orders increased .70% in April over the prior month and the Manufacturing Purchasing Managers Index increased to 56.4 in May from 55.4 in April.  Risk assets continued to see inflows following Mario Draghis, President of the European Central Bank, continued monetary stimulus measures by lowering their key refinancing rate from a historic low of .25% to a new low of .15%.  Additional measures by the European Central Bank included cutting its deposit rate that it pays banks for parking funds overnight to -.1%.  

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