Jobs Growth Expectedly Mediocre
May jobs growth unexpectedly strong – Yahoo! News
The number of new jobs climbed by an unexpectedly brisk 157,000 in May on a surge of hiring in service businesses while hiring in the factory sector continued to decline, Labor Department data showed on Friday.
The total of new jobs in May handily outstripped Wall Street economists’ forecasts for 130,000 jobs and fit with other recent evidence that the pace of economic activity was bouncing back from a soft patch in the first three months of the year. It may also raise fears about the possibility that tight labor markets will fan wage and price pressures.
Oh, really? I guess if one is showing a sense of humor by going out an additional decimal point then the data look stronger. To me they look pretty much in line with the past three years and show a short-term trend that, if anything, continues to weaken.
[...] Employment Situation (Friday). Consensus expects 125,000 job additions, down from 157,000 last month. I’m not expecting the longer-term trend to change much. [...]