The May jobs report is like a slap across the face by someone defiant. Nonfarm employment increased by 339,000 in May when the Dow Jones poll of economists came up with 190,000. The added jobs are in line with the average monthly gain of 341,000 over the last 12 months. And that’s before another 93,000 added in revisions to March and April.

At the same time, unemployment rose 30 basis points to 3.7% and the number of unemployed people rose by 440,000 to 6.1 million. Of those, 318,000 were people who had lost jobs or completed temporary jobs.

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Erik Sherman



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