Solid NFP – Not Too Hot & Not Too Cold


US nonfarm payrolls increased 390k in May following gains of 436k (was 428k) in April and 398k (was 428k) in March, for a net -22k 2-month revision. The unemployment rate was steady at 3.6% for a third straight month.

Average hourly earnings were up another 0.3%, the same as April. The 12-month rate slowed to 5.2% y/y from 5.5% y/y. The average workweek was unchanged at 34.6 hours for a third month. Household employment bounced 321k after dropping -353k in April, while the labor force rose 330k following the prior -363k drop. The labor market participation rate ticked up to 62.3% from 62.2%.

Total private payrolls increased 333k after rising 405k previously (ADP was 128k). Employment in the service sector jumped 274k while the goods producers added 59k. Manufacturing payrolls added 18k, while leisure/hospitality increased 84k. Business services added 75k. There was a -61k decline in retail trade jobs. Government jobs climbed 57k. Overall it is a solid report, not too hot and not too cold.


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Andria Pichidi

Market Analyst

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