ICYMI: Job growth totals 253,000 in April, beating expectations.
gaining nearly 400 points, while Treasury yields jumped as well. The move higher followed a strong earnings report from Apple and a powerful rebound in banking stocks.
Despite serious banking industry troubles, jobs in finance increased by 23,000. Government hiring rose by 23,000. The unemployment rate tied a record low going back to May 1969. The jobless level for Blacks fell to a fresh record 4.7% and declined to 4.4% for Hispanics while holding at 2.8% for Asians. The rate for adult women was unchanged at 3.1%.
The economy also appears to be slowing toward a possible recession later in the year. Gross domestic product increased just 1.1% in the first quarter, largely on an inventory drawdown though there have been signs that consumer spending is weakening. Credit card spending, for instance, has declined 0.7% from a year ago, according to Bank of America.
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