{"id":127639,"date":"2021-06-04T16:23:24","date_gmt":"2021-06-04T16:23:24","guid":{"rendered":"https:\/\/precoinnews.com\/?p=127639"},"modified":"2021-06-04T16:23:24","modified_gmt":"2021-06-04T16:23:24","slug":"us-economy-added-559000-jobs-in-may","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/us-economy-added-559000-jobs-in-may\/","title":{"rendered":"US economy added 559,000 jobs in May"},"content":{"rendered":"<p><cite>New York (CNN Business)<\/cite>Investors breathed a huge sigh of relief following the May jobs report Friday. Stocks rallied as the numbers told a classic Goldilocksian, not too hot or too cold, story about the state of the economy.<\/p>\n<p>The Dow was up about 125 points, or 0.3%, in late morning trading. The S&amp;P 500 rose 0.8% and the tech-heavy Nasdaq surged about 1.4%. All three indexes are up slightly for the week as well.<br \/>\nBond yields also edged lower and the dollar weakened \u2014 signs that investors aren&#8217;t too concerned about the economy overheating.<\/p>\n<ul><\/ul>\n<p>&#8220;There was a little bit of something for everyone in this report,&#8221; said Yung-Yu Ma, chief investment strategist with BMO Wealth Management. &#8220;It&#8217;s still indicative of a job market that&#8217;s growing strongly but not so strong that it&#8217;s raising concerns the Federal Reserve is going to have to pull back on stimulus.&#8221;<\/p>\n<ul><\/ul>\n<p>Fewer jobs were added than expected last month, but the numbers were stronger than April&#8217;s surprisingly weak gain. <\/p>\n<p>Odeta Kushi, deputy chief economist with First American Financial, called the report &#8220;middle-of-the-road,&#8221; adding that his &#8220;initial reaction to the jobs numbers were that they weren&#8217;t great. But they weren&#8217;t terrible.&#8221;<br \/>\n<img decoding=\"async\" alt=\"Fed chair Powell warns of &amp;#39;profound challenges&amp;#39; posed by climate change\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210604075110-03-jerome-powell-file-large-169.jpg\"><br \/>\nWhat&#8217;s more, the unemployment rate continued to edge lower and wages rose again, although not at a dramatic enough rate to make investors nervous about inflation.<br \/>\n&#8220;This is not a game-changer for the Fed,&#8221; said Michael Rosen, managing partner and chief investment officer with Angeles Wealth.<br \/>\nRosen added that the jobs data also show that the economy is continuing to rebound at a solid clip, which will allay fears that consumer spending could cool now that the third round of stimulus checks from Washington is starting to wind down.<\/p>\n<h3>Inflation still just temporary?<\/h3>\n<p>Other experts added that Friday&#8217;s jobs numbers will give Fed chair Jerome Powell more evidence to sustain his longstanding argument that inflation is a &#8220;transitory&#8221; phenomenon.<br \/>\nAlong those lines, investors are pricing in a 7% chance of a rate hike by the end of 2021, according to fed funds futures contracts trading on the CME&#8217;s FedWatch Tool. That&#8217;s down from a 14% probability of a rate hike just a month ago.<\/p>\n<p><img decoding=\"async\" alt=\"Mark Carney: Inflation is a positive sign of economic progress \" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210526183952-mark-carney-large-169.jpg\"><br \/>\n<img decoding=\"async\" alt=\"Mark Carney: Inflation is a positive sign of economic progress \" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210526183952-mark-carney-large-169.jpg\"><\/p>\n<ul>\n<h3>JUST WATCHED<\/h3>\n<h2><span>Mark Carney: Inflation is a positive sign of economic progress <\/span><\/h2>\n<\/ul>\n<h4>MUST WATCH<\/h4>\n<p><span><\/span><\/p>\n<p>&#8220;I am vigorously clinging on to the hypothesis that higher prices are all temporary,&#8221; said Nathan Sheets, chief economist at PGIM Fixed Income, who believes inflation will retreat to &#8220;a more normal 2% rate&#8221; by the end of 2022.<br \/>\nSheets added that prices have mainly been going up due to well-publicized labor shortages and supply constraints. He expects those pressures to abate as the economy returns to normal. <\/p>\n<h3>Stocks on the move<\/h3>\n<p><span>Tesla<\/span> <span>(<span>TSLA<\/span>)<\/span> shares were up more than 3% after Elon Musk wrote a series of cryptic tweets in which he appeared to bash bitcoin and other cryptocurrencies.<br \/>\n<img decoding=\"async\" alt=\"Everyone you know is talking about crypto. Uh oh\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210602091416-02-bitcoin-cryptocurrency-large-169.jpg\"><\/p>\n<ul><\/ul>\n<p><span>Bitcoin<\/span> <span>(<span>XBT<\/span>)<\/span> fell Friday on the &#8220;news,&#8221; while the prices of ethereum, binance, XRP and even Musk&#8217;s beloved dogecoin sank too.<br \/>\nMeme stock <span>AMC<\/span> <span>(<span>AMC<\/span>)<\/span> rebounded Friday following a big slide Thursday. But other stocks that have been touted by fans on Reddit were in the red or flat, including <span>BlackBerry<\/span> <span>(<span>BB<\/span>)<\/span>. <span>GameStop<\/span> <span>(<span>GME<\/span>)<\/span> and <span>Bed Bath &amp; Beyond<\/span> <span>(<span>BBBY<\/span>)<\/span>.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/06\/04\/investing\/dow-stock-market-today-jobs-report\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN Business)Investors breathed a huge<\/p>\n","protected":false},"author":3,"featured_media":127638,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US economy added 559,000 jobs in May - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/us-economy-added-559000-jobs-in-may\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US economy added 559,000 jobs in May - 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