May Jobs Report

  • Nonfarm payroll increased by 75,000 in May (263,000 reported, actual revised 153,000)
  • Unemployment steady at 3.6%
  • Employment continued to trend up in professional and business services and in health care.
  • Number of unemployed persons little changed at 5.9 million(5.8 million)
**April numbers in parentheses

Consensus estimate according to fxstreet.com was 185,000 increase, so far less than forecast. March and April numbers were revised lower by 75,000. Unemployment rate held steady at a five decade low. Average hourly earnings fell by 0.1 percent to 3.1%.

Disappointing report, and the trade war isn’t going to help.

“This gives us a real sense of deceleration in the U.S. economy,” said Diane Swonk, chief economist at accounting firm Grant Thornton. “We knew this was occurring, but this could be a summer of discontent. It also gives the Fed a green light to cut rates.”

Happy Friday!

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