Economy

Job creation accelerated in May but are still below lofty expectations

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Job creation disappointed again in May, with nonfarm payrolls up what normally would be considered a solid 559,000 but still short of lofty expectations, the Labor Department reported Friday.

Payrolls were expected to increase by 671,000, according to economists surveyed by Dow Jones.

The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate of 5.9%. An alternative measure of unemployment that includes discouraged workers and those holding parttime jobs for economic reasons edged lower to 10.2%.

May’s letdown came after April sharply undershot expectations, with the upwardly revised 278,000 still well short of the initial 1 million estimate that came with high hopes…



Source cnbc.com

S&P 500 rises after solid job gains in May, sits less than 1% below its record high

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