Stocks up, dollar down after May’s US jobs report – as it happened | Business

“The positive direction of wage growth and low unemployment will be welcomed, but today’s lacklustre job numbers will raise concerns around the resilience of the U.S. labour market – and to what extent the pace of the Covid-19 vaccination programme will boost economic activity and employment.

“However, as we move into the summer, the pace of economic growth remains robust, notwithstanding the weaker than expected jobs report. With vaccines continuing to bring COVID cases down, and the economic reopening kicking into higher gear, the data is starting to shine. Gross domestic product (GDP), although a lagging indicator, grew at an annualized quarter over quarter rate of 6.4% in the first quarter. Much of the strength is rightly attributed to the fiscal aid that has been injected into the economy.

The concurrent boom in spending has stirred fears of economic overheating, which has coincided with a surge in commodity…

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