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The economy added 559,000 new jobs in May: How the headlines can affect your money

Plus, more states are prioritizing personal finance education.

Miguel Batam serves Anoma (left) and Ajith Amerasekera of Berkeley their lunch while seated in the outside patio area at Fish restaurant in Sausalito, Calif. Monday, January 25, 2021.
Jessica Christian | The San Francisco Chronicle via Getty Images

Markets closed flat as the economy added more jobs in May. Plus, more states are prioritizing personal finance education. Here's how the headlines could affect your money.

Markets close flat 

The Dow ended flat Thursday, down just 0.1%. The S&P 500 fell 0.4% and the Nasdaq fell 1%. 

As of Friday morning, markets are up.

Economy added more jobs in May

The U.S. economy added 559,000 nonfarm payroll jobs in May, the Labor Department announced Friday. This is double the pace of April's job creation but still represents fewer new jobs than economists predicted. 

Most jobs added are in the leisure and hospitality sector — specifically in restaurants and bars, which added 186,000 new jobs. Education also experienced a surge, with 144,000 new jobs. 

States call for formal personal finance education

So far this year, 25 states have introduced legislation that would add personal finance courses to their high school curriculum. Arkansas, for example, passed a bill this year that calls for establishing a Financial Education Commission, which will plan financial literacy programs. 

The push for personal finance education is partly due to the Covid-19 pandemic, experts say, as it put financial strains on families who are behind on their bills. 

If you want to introduce your kids to financial concepts early, consider getting creative: Try playing Monopoly with them or reading them financially themed books

Explain money to your kids with this video

Video by Euralis Weekes

Words you've heard: meme stocks

Usually investors buy and sell stocks based on company performance. Trading in meme stocks, however, is fueled by social media hype that draws retail investors' attention. GameStop stock, for example, started surging in January after investors belonging to Reddit's WallStreetBets forum began buying shares. Other meme stocks making recent headlines include AMC and BlackBerry.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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