Employers in the U.S. created 217,000 jobs in May, lifting total U.S. payrolls to the highest level since January 2008. Adjusting for seasonal factors and population growth, the unemployment rate held steady at 6.3 percent, the lowest since September 2008.
Economists and strategists are generally positive in their response:
- Adrian Miller of GMP Securities LLC: Confirms Goldilocks fundamental landscape of not too hot, not too cold. Good for stocks, bonds and credit spreads.
- Don Rissmiller of Strategas Research Partners LP: New high on payrolls show the U.S. economy retains momentum.
- Eric Viloria of Wells Fargo Securities LLC: The data supports an ongoing gradual reduction in the pace of monthly Fed purchases which is contributing to overall benign market conditions.
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Source: Adam Johnson (www.bloomberg.com)