The Labor Department said 217,000 jobs were added in May, more than the 213,000 economists were predicting. Unemployment remained at 6.3% versus an estimate of 6.4%. With more than 138.4 million Americans at work, more people are employed than in January 2008 when employment peaked before the recession.
One stock the Yahoo Finance team will be watching today is Bank of America (BAC) after reports the company is in talks with the Justice Department and several states to pay a $12 billion settlement for its mortgage banking practices leading up to the financial crisis. However, according to the Wall Street Journal, the government is pressing for BofA to pay more than the $12 billion it’s offering to settle the issues. At least $5 billion of Bank of America's proposed settlement would go to homeowners and for blight removal in neighborhoods. The bank has already agreed to pay $6.3 billion to settle lawsuits filed by the Federal Housing Finance Authority.
Walmart's (WMT) annual shareholder meeting is today. It's been described as a feel-good event, with employees flown in from around the country and A-list celebrities making appearances. But this year the company has a lot of serious issues to contend with. Revenue has declined for five straight quarters and traffic has fallen for six straight quarters. Walmart workers have been protesting in 20 cities this week, pushing for higher wages. They are expected to demonstrate at the meeting. And there are still investigations pending into a bribery scandal in Walmart's international division that has forced several executives to resign.
- Bank of America