Employment at US companies increased 147,000 in May (in seasonally adjusted terms), according to this morning’s update from the Labor Department. The rise is below expectations, based on Econoday.com’s consensus forecast for a 173,500 jump in payrolls. The advance also represents a downshift from April’s 173,000 increase. But the softer monthly comparison was offset by a slightly stronger year-over-year change. On balance, today’s release suggests that the labor market remains on track for moderate if unspectacular growth in the near term.
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The projected risk premium for the Global Market Index (GMI) ticked higher in May. GMI, an unmanaged market-value weighted mix of the major asset classes, is expected to earn an annualized 5.4% (over the “risk-free” rate) in the long run – 20 basis points above last month’s estimate.
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