Surging Covid-19 cases reveal the fragility of the recovery. Still, the regional nature of the cases offers the possibility of avoiding a widespread shutdown like that of earlier this year. In such a case, the recover would remain slow, but would continue. It was widely anticipated that the jobs market would extend its May gains and the employment report did not disappoint. Employment rose 4.8 million in June while May was revised slightly higher to a 2.7 million gain; the unemployment rate fell from 13.3% to 11.1%. Wall Street embraced the report with market participants pushing the S&P500 0.45% higher. On the ... (full story)