2024-06-07 11:35:00 ET
Summary
- US May non-farm payrolls came in at 272k versus the 180k consensus.
- The gains were once again led by the usual suspects of private education & health services, leisure & hospitality, and government.
- The unemployment rate has gone from 3.4% to 4%.
A tale of two surveys
US May non-farm payrolls came in at 272k versus the 180k consensus and higher than any of the 77 forecasts submitted to Bloomberg – the range was 120-258k. Private payrolls rose 229k versus the 165k consensus expectation. There were 15k of downward revisions to the past 2 months for headline payrolls, but this is still an undeniably strong set of numbers that has seen market interest rate cut expectations reduce significantly....
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U.S. Jobs Growth Beats All Expectations