US jobs report for May 2024
- Prior month: 175K revised 165K
Details of the May 2024 jobs report:
- non-farm payroll for May 272K vs 185K estimate.
- Two-month net revision xxK vs -22K prior
- Unemployment rate 4.0% vs 3.9% expected
- Prior unemployment rate 3.9%
- Participation rate 62.5 % vs 62.7% prior
- U6 underemployment rate and blood for % vs 7.4% prior
- Average hourly earnings + 0.4 % m/m vs +0.3% expected
- Prior avg hourly earnings +0.2% m/m
- Average hourly earnings + 4.1 % y/y vs +3.9% expected
- Average weekly hours 34.3 vs 34.3 expected
- Change in private payrolls +229K vs +170K expected
- Change in manufacturing payrolls +8K vs +5K expected
- Household survey xxK vs -25K prior
more details:
- goods producing +25K
- services producing +204K
- healthcare +86K
- government +43K
- information 0K
- professional business services +33K
The data is strong. The only weaker point was the 4% unemployment rate, but the wages were higher. The jobs added was higher.
The yields are higher with the
- 10-year now up 12 basis points at 4.402%.
- 2-year yield is up 13.1 basis points to 4.851 basis points
looking at the implied stocks
- Dow Industrial Average average -165 points
- S&P index -23.96 points
- NASDAQ index -85 points
the US dollar is higher with the
- EURUSD trading down to 1.08285. That was near the low price from Monday’s trade at 1.08271
- USDJPY is trading back above its 200 hour moving out at 156.439. That is now a close barometer for buyers and sellers. Standby was more bullish
- GBPUSD is moved down to test its 100 bar moving average on the four hour chart at 1.2735. The current price is trading at 1.2736. Breaking below would open the door for further selling/a shift more to the downside.
The year end Fed funds rate now projecting -39 basis points now
