Nice Work If You Can Get It

More mixed news on the jobs front:

Though still stubbornly high, weekly jobless claims dropped 11,000 to 418,000 over the past week, more than an expected 3,000 drop.

Meanwhile, the private sector added 157,000 jobs from May to June, well ahead of estimates though still not enough to make a meaningful cut into the unemployment rate, according to a report from ADP.

Services provided the biggest share of the gain, rising 130,000 in June and nearly three times faster than May, when the overall job creation total reported by ADP and Macroeconomic Advisors was 36,000. The May number was revised down 2,000.

“Mixed” is as good as it gets until regime uncertainty is removed.