ACTV - May Jobs Report: One Step Forward 2 Steps Back

2024-06-07 22:55:00 ET

Summary

• Payroll gains were hotter than expected in May, slamming the door shut on any hopes of a July policy rate cut.
• The latest jobs report showed that 272,000 non-farm payroll jobs were added last month, significantly beating consensus forecasts of 180,000.
• Wage growth also surprised to the upside with a 4.1% year-over-year increase in average hourly earnings.

By Seema Shah, Chief Global Strategist

Payroll gains were hotter than expected in May, slamming the door shut on any hopes of a July policy rate cut. The latest jobs report showed that 272,000 non-farm payroll jobs were added last month, significantly beating consensus forecasts of 180,000....

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