The U.S. economy added 172,000 jobs in May, nearly double economists’ expectations, strengthening the case for the Federal Reserve to raise rates this year.
The unemployment rate held steady at 4.3%, according to data released Friday by the Bureau of Labor Statistics.
bitcoin remained under pressure following the report, trading below $62,000 as the broader crypto market suffered sharp declines overnight.
The 10-year Treasury yield jumped to 4.52% following the report. US stock index futures also fell, with the Nasdaq 100 index falling 1.2%. Oil prices fell modestly to $94 per barrel, while gold fell 1.1% to around $4,400 per ounce.
Recent economic data continues to point to a resilient US economy this week. Both the ISM Manufacturing PMI and the ISM Services PMI beat expectations and remained in expansionary territory.
US stocks have been on an incredibly strong run, with the S&P 500 poised to post gains for 10 straight weeks and up about 10% so far this year. However, some exuberance has faded in the semiconductor sector following Broadcom’s earnings report, which disappointed investors with a weaker-than-expected outlook for demand for AI-related chips.
