Job growth in May was less than the consensus forecast, 559,000 as versus the consensus prediction of 671,000.
We are in a recovery, one just wonders how fast, and when the benefits will start accruing to the top 1% again.
I would note that the progress of the recovery illustrates an important point: A world wide pandemic is less capable of doing lasting damage to our society than does business of usual in global finance:
U.S. employers boosted hiring in May, but not enough for the labor market to keep pace with an overall economy that is heating up as the pandemic continues to ease.
Payrolls grew by 559,000 last month, the Labor Department reported Friday, up from a revised 278,000 in April, which marked a sharp drop from March’s figure. The unemployment rate fell to 5.8% in May from 6.1% the prior month.
While the gains marked an uptick from April, they were lower than economists predicted and reflected businesses struggling to fill job openings as potential workers remained on the sidelines. The labor recovery has slowed from earlier in the year—in March, the economy added 785,000 jobs—a development economists say could delay a full labor recovery to well into next year.
That mixed picture cheered investors, who bet the numbers weren’t strong enough to change the Federal Reserve’s course on its easy-money policies. U.S. stocks rose, while the yield on the U.S. 10-year Treasury fell.
Why yes, the stock market is COMPLETELY disconnected from the well being of society, why are you asking?
We need to stop coddling Wall Street at the expense of Main Street.
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