In July, the U.S. labor market experienced a notable decline, shedding 23,000 jobs, primarily within public education, which lost 99,000 positions year-over-year. This trend is largely attributed to decreased immigration and an aging population. Despite the overall job loss, private-sector hiring continued to grow, highlighting stability in sectors outside education.
As a result of the labor report, the stock market reacted positively, suggesting investor sentiment is buoyed by potential Federal Reserve rate cuts. The average yield of closed-end funds (CEFs) stands at 8.8%, and one fund, the BlackRock Technology and Private Equity Fund (BTX), continues to show promise with a 10.7% discount to net asset value (NAV) and a year-to-date total return of 35%.
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