U.S. employers added an unexpectedly large 248,000 jobs in May, according to a government report on Friday that confirmed a strengthening economy likely to soon bring higher interest rates.
The May tally exceeded Wall Street expectations for 216,000 new jobs and followed an upwardly revised total of 346,000 jobs in April and 353,000 in March. The 947,000 jobs created in the March-May period made it the strongest for any three months in four years.
Of course, this can’t go on indefinitely:
The cascading evidence of accelerating economic activity is certain to reinforce expectations that Federal Reserve policymakers will ratchet U.S. interest rates up from current 46-year lows when they meet June 29-30 and may prove a boon to election-bound President Bush.
Get that re-fi now, kids.