The jobs report shows that the economy added 175,000 jobs in May and the unemployment rate rose a bit to 7.6%.
Economist Maria Ramirez tells Yahoo Finance’s Daily Ticker: “The reality is that labor market is not as healthy as what the unemployment rate tells you. Most importantly, it’s the younger generation that is worst off because they have the hardest time getting a job and they have the lowest participation rate. So many are continuing to go to school and building up debt to finance it.” Others are weighing in too…
Mohamed El-Erian, CEO and co-CIO of PIMCO, writes: “Today’s numbers will cause the Fed to think again about its desire to taper its buying of securities — and this despite the fact that central bankers are increasingly recognizing that the hoped-for ‘benefits’ of unconventional measures come with ‘costs and risks’ (that is, collateral damage and unintended consequences) — in other words, they are stuck with imperfect policy tools.”
Nigel Gault of IHS Global Insight says: “January payroll employment growth was close to expectations, but upward revisions to history gave today’s payroll report a positive glow. Fourth-quarter employment growth now stands at a 201,000 average (up from 151,000 previously), a solid increase despite all the fiscal-cliff fears, which underscores that the Q4 GDP contraction isn’t giving the right picture.”
So overall consensus on Wall Street seems to be that this was a good number, but not too good, which to the Street… is good.