From the Desk of Irwin Michael – July 8, 2016 With the unexpected increase of 287,000 U.S. jobs created for the month of June, we would like to highlight four points: U.S. economic data is unusually volatile as evidenced by the comparatively disappointing May jobs creation of 38,000. May’s data brought on concerns of a weakening U.S. economy, however, today’s numbers dispelled that fear. In fact, there is now far more investment optimism with the vastly improved June employment. One should be reminded that one month (good or bad) does not make a trend. While the 287,000 June jobs creation should also be taken with a grain of salt, we are heartened by the latest employment statistics. More importantly, we continue to believe that the U.S. economy is quite resilient, growing at a slow, but very steady pace. Furthermore, with global interest rates at generational lows and while American common stocks are not dirt cheap, they are comparatively attractive with high dividend yields and respectable growth potential. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.