Summary:
- US economy added 75k new jobs in May, a substantial revision to previous two months
- Average hourly earnings slowed down to 3.1%
- US dollar moves down on the release
The US economy added just 75k new jobs in May, below the median estimate of 184k. However, such a disappointment may have been expected to some extent on the back remarkably weak ADP print. Moreover, wage growth eased a bit and we got a substantial downward revision to the previous two months in case of NFP. The jobless rate remained unchanged at 3.6%, as expected. Overall, the report seems to be in line with the latest rather weakish prints from the US and adds to investors’ expectations regarding upcoming monetary policy easing there.
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The US dollar is falling in the aftermath of the release and it is trading in the key technical place against the Japanese yen. Source: xStation5
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