The seesaw continues….
While I did a post a yesterday that pointed to flat wage growth and job loss from the Congressionsl Budget Office…..
We get a more rosy picture from the Trump Labor Department today…
Oh, and Trump outted the ‘good’ news a hour early, of course, ahead of the traditional Friday morning anoucemnet…
U.S. hiring rose more than forecast in May, wages picked up and the unemployment rate matched the lowest in almost five decades, indicating the strong labor market will keep powering economic growth.
Payrolls increased 223,000 following a revised 159,000 gain, Labor Department figures showed Friday. The median estimate of analysts surveyed by Bloomberg called for 190,000 jobs. Average hourly earnings increased 2.7 percent from a year earlier, more than projected, while the jobless rate fell to 3.8 percent from 3.9 percent to match April 2000 as the lowest since 1969.
Stocks and Treasury yields rose. The report reinforced expectations for Federal Reserve policy makers to raise interest rates when they meet June 12-13, and spurred investors to increase bets on two more hikes this year after that, rather than one. Steady hiring and lower taxes will bolster consumer spending, helping to support the projected rebound in U.S. growth this quarter and continuing to trim the unemployment rate. Wage gains, while positive in the latest report, have yet to show a sustained acceleration….
This positive report has booster the markets after they dove down due to the trade war news recently…..
Oh, and interest rates are on their way up ……