May jobs report ‘surpasses consensus expectation’

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Total nonfarm payroll employment increased by 272,000 in May, and the unemployment rate changed little at 4%, the U.S. Bureau of Labor Statistics reported Friday. Employment continued to trend up in several industries, led by health care; government; leisure and hospitality; and professional, scientific, and technical services.

“Employers added 272,000 jobs in May, surpassing consensus expectation. The diffusion index surged from 56.6 to 63.4 over the month, indicating widespread hiring across various industries.,” said America’s Credit Unions Senior Economist Dawit Kebede. “Average hourly earnings increased from 3.9 to 4.1, reversing the path towards a rate aligned with a 2% inflation target. The report alters the moderating signal observed in April, potentially extending the timeline a Federal Reserve rate cut.”

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