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.
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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