The big numbers in May—175,000 new jobs and a 7.6 percent unemployment rate—appear to be slightly better than the Wall Street consensus. The Bureau of Labor Statistics revised downward its payroll estimates from the previous two months by a relatively slight 12,000.
Even the routine talking points from congressional Republicans were somewhat neutered by these somewhat positive figures. Rather than blast President Obama, House Majority Leader Eric Cantor (R-VA) said, “In America we have higher expectations and we can do better.”
But the latest figures suggest two critical trends to monitor.
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