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The United States creates 272,000 non-agricultural payrolls in May, well above the 185,000 expected

The United States has generated 272,000 Non-Farm Payrolls (NFP) in the month of May, as reported by the Department of Labor. The April figure has been revised downwards, standing at 165,000 compared to the 175,000 payrolls published a month ago. The May figure has notably exceeded expectations, since the market expected 185,000 new jobs.

The unemployment rate has risen one tenth, standing at 4% compared to the previous and expected 3.9%. This is the highest unemployment rate since January 2022. The labor force participation rate has fallen to 62.5% from 62.7% previously.

Average hourly earnings have risen 0.4% monthly in May, exceeding the 0.2% in April and the estimated 0.3%, while lAnnual salaries have grown by 4.1% compared to the previous 4% and the expected 3.9%.

dollar reaction

The Dollar Index (DXY) has shot higher, jumping from 104.10 to 104.70, its highest level in four days. Operators interpret that the increase in the pace of job creation and the rise in wage inflation will lead the US Federal Reserve to keep interest rates high for longer. At the time of writing, the US Dollar is trading above 104.66, gaining 0.52% daily.

Source: Fx Street

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