Job creation accelerated in May but is still below lofty expectations

Job creation disappointed again in May, with nonfarm payrolls up a solid 559,000 but still short of lofty expectations, the Labor Department reported Friday.

Payrolls were expected to increase by 671,000, according to economists surveyed by Dow Jones.

The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate of 5.9%.

May’s letdown came after April sharply undershot expectations, with the upwardly revised 278,000 still well short of the initial 1 million estimate that came with high hopes for an economy trying to shake loose its pandemic shackles.

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