6/2, 2:30 PM (Source: TeleTrader)
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US nonfarm payrolls jump 339,000 in May

Nonfarm payroll employment in the United States surged by 339,000 in May, according to the report by the Bureau of Labor Statistics on Friday, far surpassing expectations. Professional and business services led the rise with 64,000 jobs added in May, followed by healthcare at 52,000. The average hourly earnings increased by 11 cents, or 0.3%, to $33.44 on a monthly basis, growing 4.3% compared to May 2022.

Meanwhile, the unemployment rate was up by 0.3 percentage points from April, landing at 3.7% in May. The total number of unemployed persons rose by 440,000 to 6.1 million month-on-month. The labor force participation rate was unchanged at 62.6%, and the number of long-term unemployed was also little changed from April at 1.2 million, accounting for 19.8% of the total unemployed.

Baha Breaking News (BBN) / DJ