US added 248,000 jobs in May

Another good month of job creation for the US economy. Excerpt from Bloomberg's report:

U.S. employers added 248,000 workers to payrolls in May, more than forecast, as businesses gained confidence demand will be sustained. The unemployment rate held at 5.6 percent.

The increase follows a revised gain of 346,000 jobs in April and 353,000 in March that were larger than estimated last month, the Labor Department said in Washington. Manufacturing employment rose the most since August 1998 and hours worked at factories were the highest since October 2000. Service and construction employment rose.

Cause for celebration, perhaps. But let's not forget that jobs are a lagging indicator. And with oil prices still uncertain, the sustainability of the economic expansion cannot yet be taken for granted.