Nonfarm payrolls fell 345,000 in May, much less than the estimate that called for a 520,000 job decline. April was favorably revised to -504,000 from -539,000, and March was revised from -699,000 to -652,000. The unemployment rate rose from 8.9% to 9.4%, above the consensus forecast of a rise to 9.2%. Average hourly earnings rose 0.1%, in line with the Street's forecast. More From Bloomberg...
The Dow Jones Industrial Average rose 13 points (0.2%) to close at 8,763, the S&P 500 Index lost 2 points (0.3%) to 940, and the Nasdaq Composite fell 1 point (0.03%) to 1,849. Crude oil lost $0.37 to $68.44 per barrel, and gold lost $24.95 to $955.30 per ounce. For the week, the DJIA gained 3.1%, the S&P 500 Index rose 2.3%, and the Nasdaq Composite advanced 4.2%.
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