Not a great report, but not terrible either.
Some key highlights:
• Jobs added 559k vs. 675k estimate
• Unemployment fell to 5.8%
• Strong hourly earnings
• Labor participation rate edged lower
In my opinion, the biggest concern here is the drop in the labor participation rate. People are clearly not motivated to come back to work. Been hearing countless stories of small business struggling to hire - ultimately people need to be incentivized to come back. I would expect wages to continue climbing (earnings were up +0.5% MoM) until this gap closes.
Powell is less likely to taper now near-term until further progress is made with closing the labor-market gap.
Tech will like this today.
Thoughts?
Submitted June 04, 2021 at 08:51AM by jejakqmqm https://ift.tt/3xaxRKP
