May’s nonfarm payroll gain of 172,000 was materially stronger than expected and could meaningfully shift the Federal Reserve’s thought process heading into summer. It would have been the largest monthly gain of the year on its own but was reinforced by 93,000 in upward revisions to the prior two months. Combined, the report came in more than triple consensus expectations. Also notable, the unemployment rate fell slightly on an unrounded basis, even though the published figure remained at 4.3%. After much of last year was defined by labor market softness, last month’s data suggests a genuine rebound in employment conditions.
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