Labor Dept: Robust Hiring In May, 272,000 New Jobs

The Wall Street Journal reports:

Stock futures are falling and Treasury yields are climbing after the latest jobs report showed hiring in May was far stronger than expected. Employers added 272,000 jobs for the month, easily topping the 190,000 economists forecast.

Investors had been eagerly awaiting the payrolls data for more clues on how the economy is faring, and how soon the Federal Reserve might start cutting interest rates. Friday’s numbers come after several recent reports showing some unexpected weakness in the economy.

Read the full article.

“This is good news for the economy,” New York Life Investments economist Lauren Goodwin says on the May jobs report. “I expect that it will have a major impact on the Fed’s decision next week, likely to price in fewer interest rate cuts for the remainder of the year.” pic.twitter.com/QIndRK15FJ

— Yahoo Finance (@YahooFinance) June 7, 2024

JOBS REPORT: BIDEN BOOM CONTINUES!

• 272K jobs added in May
• Women’s employment rate hits another high
• 29 straight months of unemployment rate at or below 4%
• Wages up 4.1% over past year, significantly faster than 3.4% inflation#BidenJobsBoom#GreatAmericanComeback pic.twitter.com/1aouJEXSJS

— The Democratic Difference (@DemDifference) June 7, 2024

Breaking News: Hiring in the U.S. was unexpectedly strong in May, with 272,000 jobs created, reinforcing signs of the economy’s health. https://t.co/Kyw7M3z3Mw

— The New York Times (@nytimes) June 7, 2024