Summary:
In May, the US added 272k non-farm jobs, surpassing Wall Street's expected 185k, with a slight uptick in unemployment to 4%.
June NFP Report
5/7/2024 (Fri)
Previous (May)：272k Forecast: 190k
The US economy added 272k non-farm jobs in May, much more than expected, while Wall Street had forecast an increase of around 185k jobs. Even so, the unemployment rate slightly rose to 4%.
Wage growth also remained strong last month, with average hourly earnings rising 0.4%. Bloomberg suggested the unemployment rate is the more important indicator of the reality of the employment situation.
Markets were closely watching the report for evidence that the labour market is continuing to soften. Months of solid job gains make it more complicated for Fed policymakers to start cutting interest rates.
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