Yay! More jobs! Boo! No interest cut!
In any event, that’s the headline based on the numbers that came in this morning.
The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve’s impetus to lower interest rates.
Nonfarm payrolls expanded by 272,000 for the month, up from 165,000 in April and well ahead of the Dow Jones consensus estimate for 190,000, the Labor Department’s Bureau of Labor Statistics reported Friday.
And, not breaking the trend, there were downward revisions yet again to previous months’ job numbers.
…Previous months’ reports saw small revisions: The March gain dropped to 310,000, down 5,000, while April’s saw a cut of 10,000 to 165,000.
At least they’re consistent with revising the smoke and mirrors.
Some are even characterizing it as a “vibrant” labor market.
…Beyond…
