The U.S. Bureau of Labor Statistics released the much anticipated June job report last Friday. The economy added a net 175,000 jobs and saw the unemployment rate rise to 7.6% from 7.5%. The report was largely uneventful and had something for everyone. A positive sign for Bulls was the increase in labor participation that increased the unemployment rate as more people were encouraged to enter the workforce due to better jobs prospects. Bears would highlight that the 3 month (Mar-to-May) average net job creation of 155,000 was below the prior 3 month (Dec-to-Feb) period average of 233,000 which is a negative resulting from the impacts of Federal Government sequestration activities. Either way, like the Federal Reserve, we at SNWAM are watching the data very closely for insights into the direction of the economy. Consequently, we feel the Federal Reserve will take much of the same bent on the report as we do, in so far, this jobs report does not change our current view of the economy nor does it change any of our current targets.