As rates on savings accounts threaten to disappear into nothing, the latest jobs report did nothing to provide a boost.
The report on May job growth from the Bureau of Labor Statistics (BLS) was pretty much right down the middle -- not disappointing, but not a pleasant surprise either. That kind of mediocre showing is not likely to move interest rates higher, especially when it comes to rates on savings accounts and other deposits.
Mediocre employment growth
The BLS reported last week that a net total of 175,000 new jobs were created in May. That almost exactly matches the average of 172,000 new jobs that have been created monthly over the past year. In other words, May's job growth was about average by recent standards, though a little below average if you subtract the 12,000 jobs represented by downward revisions of previous months' employment estimates.
Between tepid job growth and growth in the labor force, the unemployment rate was virtually unchanged in the latest report, at 7.6 percent.