Daily Note | July 5, 2025 | Jobs Report, Muni CEFs, Recession Risks

Today was the jobs report for the month of June. 206K jobs were created but the unemployment rate rose to 4.1% and prior month revisions were a massive -110,000. The 3-month average of private sector payroll growth hit a cycle low of 146,000.

Average hourly earnings increased 3.9% over the prior year, the slowest growth rate since May 2021. Most of the j…