CNBC: Job creation accelerated in May but is still below lofty expectations
“Economists have been a little overly optimistic about the pace of which we’re moving here. It takes a while for people to get jobs,” said Kathy Jones, head of fixed income at Charles Schwab.
While this number wasn’t as high as expected, experts still say it’s a positive sign of economic recovery. President Biden wrote, “Today’s jobs report shows historic progress for American families and the American economy. We added 559,000 jobs in May, created a record two million jobs in our first four months, and unemployment is at its lowest level since the pandemic started. America is on the move again.”
"The most important fact is that we're getting control of the spread of the virus. We're still due to get a strong rebounds on jobs. This number is okay. We want it to be higher," says @Austan_Goolsbee on the May jobs report. pic.twitter.com/Mmxq3L0MJs
— Squawk Box (@SquawkCNBC) June 4, 2021