The US economy created 559,000 jobs in May as the unemployment rate fell to 5.8 per cent, suggesting the labour market has regained some strength amid fears that worker shortages were holding the recovery back. But the White House cheered last month’s rebound, even if it leaves the US economy still 7.6 million jobs short of its pre-pandemic level. “Today’s jobs report provides evidence that the Fed has been right in their assessment that there is way to go until we see maximum employment,” she said. US government bonds rallied sharply following the weaker than expected jobs report. The benchmark 10-year note was more than 0.06 percentage points lower on the day to trade about 1.56 per cent.

Source: The Irish Times June 04, 2021 12:33 UTC