The May employment report released this morning by the BLS is quite disappointing:
Nonfarm employment edged up by 78,000 in May following a much larger increase in April, and the unemployment rate was essentially unchanged at 5.1 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Payroll employment continued to grow over the month in health care and construction, but was little changed in the other major industry sectors.
Unfortunately, it still seems that the strong jobs reports that crop up sporadically (like last month’s report) remain more the exception than the rule.
More analysis of this report to follow.