The May jobs report provided few surprises compared to recent employment report releases. The details of the report were about as expected. It was actually a pleasant, but somewhat boring read for a change. The 217K job increase in May was just a touch above consensus expectations for 215K, but somewhat under our estimate of 240K. Markets may have been hoping for more, given the improvement in initial jobless claims on the month. The 10-year Treasury bond yield sank 3 basis points following the release to 2.55 percent. Even so, today’s employment report bolsters the evidence that the labor market recovery ramped up in recent months. Average monthly job growth over the past two months has averaged 250K a month.
For a full analysis, check out the Bank of the West Instant Analysis of Employment – June 6th, 2014Tags: economy