Economy

Job creation disappointed again in May, with nonfarm payrolls up 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%.

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 for an economy trying to shake loose its pandemic shackles.

This is breaking news. Please check back here for updates.

Become a smarter investor with CNBC Pro.
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
Sign up to start a free trial today.

Articles You May Like

The window of opportunity is closing for the BOJ to hike rates again
Gold price attracts some buyers to a record high, rising geopolitical tensions in focus
British retail sales plunge 2.3% in April, missing estimates
US stocks rally into the close but close mixed. Dow closing above 40K for the 1st time.
Here are the portfolio’s top 5 performers in a record-setting week for stocks