COM - Employment May 2024: Strong Report Dashes Rate Cut Hopes
2024-06-07 13:48:32 ET
Summary
- Nonfarm Payrolls in May exceeded expectations, growing by 272,000 jobs and surprising economists.
- The strong payroll and hourly earnings data may temper hopes for Fed rate cuts and raise concerns about inflation.
- Certain details in the report raise troubling questions.
The Employment Situation Report (ESR), corresponding to labor market activity during the month of May 2024, was published by the BLS on Friday, June 7, 2024, at 8:30 AM EST. This report makes available an extraordinary amount of important labor market data derived from two separate surveys: The Establishment Survey and the Household Survey.
In this article, we will walk readers through the most important employment statistics derived from both surveys. However, we will be providing a deep breakdown of the Establishment Survey. We will also discuss the likely implication of the report for bond and equity markets....
Employment May 2024: Strong Report Dashes Rate Cut Hopes