Job growth strong again
May jobs report shows 248,000 new jobs; April number revised higher; jobless rate holds at 5.6%.
June 4, 2004: 8:44 AM EDT
NEW YORK (CNN/Money) - U.S. job growth remained strong in May, a government report showed Friday, as the number of jobs added came in above Wall Street expectations.
The Labor Department report showed 248,000 new jobs in May, compared with the revised 346,000 increase reported in April. Economists surveyed by Briefing.com forecast the May report would show a 225,000-job gain.
The April job gain was revised up from a previous reading of 288,000 new jobs. The March jobs gain was also revised higher to 353,000 from a previous reading of 337,000 additional jobs. That puts the three-month job increase at 947,000, the best gain since 1.03 million jobs were added during the same three months of 2000.
The job increase was broad-based, with only government employment falling in the period. Manufacturing added 32,000 jobs and construction added 37,000. Retailers added 19,000 jobs.
The unemployment rate came in at 5.6 percent, unchanged from April and in-line with the consensus forecast from Briefing.com.
The jobs report was closely watched by investors for a clue about when the Federal Reserve will raise interest rates. The Fed is now expected to raise interest rates at its June 30 meeting, rather than waiting for its August meeting.
Friday's report did little to change thinking -- Treasury prices were little changed following the report as the yield on the 10-year note stayed near 4.71 percent.
It'll be interesting to see how the media presents this month's numbers.
Facebook
Twitter