The unemployment rate in US fell and fell for some good reasons but the payroll numbers which are estimated differently were quite a bit weaker than we thought and we have some downward revisions to the previous couple of months. In addition the participation rate fell and earnings were down as well.
US employers stepped up hiring in May in a show of economic resilience that suggests the Federal Reserve could begin to scale back the amount of cash it is pumping into the banking system later this year.