Job creation accelerated in May but is still below lofty expectations

Job creation disappointed again in May, with nonfarm payrolls up what normally would be considered a solid 559,000 but still short of lofty expectations, the Labor Department reported Friday.The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate of 5.9%.An alternative measure of unemployment that includes discouraged workers and those holding parttime jobs for economic reasons edged lower to 10.2%.Stock market futures actually rose, with investors betting that the measured pace of job gains would keep the Federal Reserve from raising interest rates and tightening monetary policy."For the stock market, there's no reason for the Fed to move too quickly, and therefore that's also good news for the bond market."

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