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Wall St rises as jobs report calms inflation worries
By Medha Singh and Shashank Nayar
Reuters
(Reuters) - U.S. stocks rose on Friday, with technology shares leading the way, as weaker-than-expected jobs growth eased concerns about the economy running too hot and causing an early tightening of monetary policy.
The Labor Department s closely watched report showed nonfarm payrolls increased by 559,000 jobs last month, helped by vaccinations and a reopening economy, following an unexpected slowdown in the labor market in April.
Economists polled by Reuters had forecast 650,000 new jobs in May. The jobs data has helped calm investor nerves about inflation fears, said Josh Wein, portfolio manager at Hennessy Funds.
US job growth picks up in May; unemployment rate falls to 5.8 per cent
an hour ago Coleen Piteo, Director of marketing at Yours Truly restaurant, puts out a sign for hiring on Thursday in Chagrin Falls, Ohio. Associated Press US employers boosted hiring in May as the easing pandemic, helped by vaccinations, pulled more people back into the labour force, offering assurance that the economy’s recovery from the COVID-19 recession remained on track.
Nonfarm payrolls increased by 559,000 jobs last month, the labour Department said in its closely watched employment report on Friday. Data for April was revised slightly higher to show payrolls rising by 278,000 jobs instead of 266,000 as previously reported.