Another blow for the "it's not a recovery, it's a bubble meme" as the US economy continues to add jobs at a searing pace and stocks keep climbing to record highs.
The ADP National Employment Report recorded another 281,000 jobs added in May, smashing expectations of 'only 205,000.
The US economic recovery continues...
According to David Scutt's always excellent analysis, this is the fifth largest monthly gain dating back to 2001 and the strongest print since late 2012.
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What a 5 year run it's been for US stocks as low interest rates and quantitative easing continue to swell valuations to new highs.
Who knows when the music stops?
Whenever that may be, it has been a very, very costly exercise to be sitting in cash because of a supposed non-recovery, with both the Dow Jones (DJIA) and the S&P 500 both absolutely flying.
The Aussie stock market has been more range-bound by comparison.
Speaking of range-bound, the stock I am trading at the moment is Transfield Services (TSE):