CNBC
05 Jun 2026, 12:32 UTC · 1h ago
U.S. payrolls rose by 172,000 in May, much more than expected; unemployment at 4.3%
CNBC
05 Jun 2026, 12:32 UTC · 1h ago
Story key points
5 claims · impact-rated
May nonfarm payrolls surged by 172,000, significantly exceeding the consensus estimate of 80,000. — Stronger-than-expected job growth increases the likelihood that the Federal Reserve will maintain higher interest rates for longer to combat inflation.
-0.80The Federal Reserve is likely to be deterred from lowering interest rates in the near term due to the solid labor market data. — Reduced probability of rate cuts puts downward pressure on risk assets and increases Treasury yields.
-0.70April and March payroll numbers were revised upward by 64,000 and 29,000 respectively. — Upward revisions reinforce the narrative of a resilient economy, further reducing the urgency for monetary easing.
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Average hourly earnings rose 0.3% for the month and 3.4% year-over-year, aligning with consensus expectations. — Because the data met expectations, it provides no new catalyst for market movement relative to the payroll surprise.
The unemployment rate remained steady at 4.3%, matching expectations. — Neutral impact as the figure was already priced in by the market.
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Morgan Stanley is mentioned only as a source of economic commentary regarding Federal Reserve policy.
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