U.S. job growth accelerated in May, but a jump in the unemployment rate to a seven-month high of 3.7% suggested that labor market conditions were easing, which could give the Federal Reserve cover to forgo an interest rate hike this month.
The survey of establishments showed nonfarm payrolls rose by 339,000 jobs last month. Economists polled by Reuters had forecast payrolls increasing by 190,000. The economy created 93,000 more jobs in March and April than previously estimated.
The economy needs to add 70,000-100,000 jobs per month to keep up with growth in the working-age population.
Founder, CIO Perry International Capital Partners, LLC., James Perry, gets a little taste of show business before running through the May jobs numbers