US jobs report fails to reinforce tapering narrative; bad news is good news

The US jobs report came in south of expectations, with non-farm payrolls increasing by 559,000 in May but the unemployment falling to a pandemic low of 5.8% vs 6.1% in April. While the job gains were double, the upwardly revised April total of 278,000, the fact that they were short of expectations means the Fed can remain on hold indefinitely. In the ab…

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