Headline Alert
Economic Update: Nonfarm Payrolls
The Labor Department reported that Nonfarm Payrolls, which is one of the most closely followed gauges regarding the state of the economy at the present time, rose in the month of May by just 54,000. This was far below the consensus estimates for an increase of 244,000.
The April and March totals were revised lower by a total of +39K.
The private sector (aka the household survey) showed gains of 83K jobs, which was also below the estimates.
The nation’s Unemployment Rate was rose to 9.1%, which was above the expectations for a reading of 9.0%
Average hourly earnings were up +0.3% on a month-over-month basis while weekly hours were even with expectations at 34.4.
Stock futures have moved down sharply on the news.
The key question at this time is if the decline in job growth is temporary.
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