Job creation accelerated in May but is still below lofty expectations

from CNBC,

Nonfarm payrolls increased 559,000 in May, below the 671,000 estimate. May’s letdown came after April sharply undershot expectations, with the upwardly revised 278,000 still well short of the initial 1 million estimate The unemployment rate fell to 5.8%, slightly better than expected and below April’s 6.1%. Hospitality again led job creation, with 292,000 new positions. Markets reacted positively to the report, with investors expecting the Fed to keep a loose monetary policy.

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