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7th Jun 2021 00:30U.S., Economic Monitor

The May employment report did not resolve any of the key labor market issues keeping the Fed awake at night. The 559K increase in payrolls was welcome, and it marked a clear improvement on April's revised 278K gain, but it left the economy still 7.6M jobs down from the pre-Covid level, and nearly 11M short of the level we would have expected if the pandemic hadn't happened.

April average hourly earnings core inflation core pce December economy employment employment report fed fomc governors growth households inflation inflation expectations job openings jobs July June labor labor market markets May payroll payroll growth payrolls pce policymakers private sector q4 rate hike savings September supply survey u.s. unemployment us wage gains wage growth wages

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