The growth of the US labor market. UU. It continued modestly slow in May, but not enough to force an increase in the unemployment rate.
Non -agricultural payrolls grew 139,000 last month, according to the Friday report of the Office of Labor Statistics. Economist’s forecasts requested 130,000 profits and April employment growth was 147,000 (reviewed from 177,000 originally reported).
The unemployment rate for May was 4.2% compared to the expectations of 4.2% and 4.2% in April.
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Always a very safe impression, the data of May payrolls were of particular import this time, since a series of economic reports this week pointed to a growing economic weakness. Among them were the most slow ADP jobs in more than two years, ISM services fell into levels, which suggests an economic contraction and an increase in initial unemployment claims at the highest level since October.
Throughout 4.50% as the week began, the US treasure performance at 10 years fell to 4.32% and the probabilities of a summer feed rate cut had increased appreciable before the report this morning. In the minutes after the printing, the 10 -year yield shot up to 4.44% and the probabilities of a July Fed rate cut fell to only 16% from 30%, according to CME Fedwatch.
Looking further, the probabilities of one or more target cuts for the Fed meeting in September fell to 65% of 75%.
Futures of the US shares index. UU. They were added to the previous profits, Nasdaq ahead of 0.8% and S&P 500 0.75%.
Verification of other details of the report, average average earnings increased 0.4% in May against estimates of 0.3% and 0.2% of April. About a year after year, the average hourly profits were higher by 3.9% versus forecasts for 3.7% and 3.9% in April.
