May Jobs Report Strong Across the Board
Payrolls increased 223K in May, and there was a net upward revision of 15K to March and April. The sixand12-month averages remain close to 200K. After declining two tenths in April, the unemployment rate
declined another tenth in May, to 3.8%. The participation rate edged down another tenth but remains in the
relatively narrow channel in which it has moved over the past few years. The three-tenths decline in the
unemployment rate over the last two months, in combination with a somewhat stronger outlook for GDP,
warrants some do......
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