“Eye-popping” May US payrolls jump may set back Fed ease
The Labor Department said on Friday that the unemployment rate ticked up to 4.0% for the first time since January 2022, while nonfarm payrolls increased by 272,000 jobs last month, much more than the 185,000 forecast by economists polled by Reuters. “It’s really quite difficult for the Fed to be anywhere near a rate cut…We see the odd weak reading in terms of activity, but then we come to the big numbers like payrolls and okay, the unemployment rate rose, I get that, it’s up to 4%, but that’s not high.”
Reuters•