QQQ - May Jobs Report: Surging Payrolls Likely Tempers Rate Expectations
2024-06-07 09:50:46 ET
Summary
- Job growth in May surged past expectations, according to the Labor Department's monthly release.
- Gains were broad-based, with multiple sectors reporting growth exceeding their monthly averages over the last twelve months.
- The unemployment rate hit a key milestone of 4%, breaking a long streak of holding below the mark.
- The current pace of growth could complicate the Federal Reserve's decision-making surrounding interest rates.
Equity markets were quiet as traders paired back positioning ahead of the May jobs report. Today's jobs report may have the effect of putting a damper on recent market enthusiasm....
May Jobs Report: Surging Payrolls Likely Tempers Rate Expectations