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US nonfarm payrolls increased by 339K in May, far exceeding market expectations of 195K.
Looking at the breakdown (Figure 1 below), except for the negative growth contributed by information services, all other components expanded compared to last month. This reflects the resilience of the overall economy.
Notably, the labor force participation rate for prime age (25-54 years) surged sharply (Figure 2 below). The data suggests that high living costs have made the working-age labor force more eager to seek employment, and the replenishment of the labor force also provides businesses with more hiring options.
The labor market is showing heat, not tightness.
Wage growth also supports this (Figure 3 below), with wage growth at +0.3% mom still relatively stable within the trend. April's wage data was revised down from +0.5% to +0.4% mom.
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Looking at the breakdown (Figure 1 below), except for the negative growth contributed by information services, all other components expanded compared to last month. This reflects the resilience of the overall economy.
Notably, the labor force participation rate for prime age (25-54 years) surged sharply (Figure 2 below). The data suggests that high living costs have made the working-age labor force more eager to seek employment, and the replenishment of the labor force also provides businesses with more hiring options.
The labor market is showing heat, not tightness.
Wage growth also supports this (Figure 3 below), with wage growth at +0.3% mom still relatively stable within the trend. April's wage data was revised down from +0.5% to +0.4% mom.
$E-mini NASDAQ 100 Futures (SEP6) (NQmain.US)$ $E-mini S&P 500 Futures (SEP6) (ESmain.US)$ $E-mini Dow Futures (SEP6) (YMmain.US)$ $E-mini Russell 2000 Index Futures (SEP6) (RTYmain.US)$ $Gold Futures (AUG6) (GCmain.US)$ $Crude Oil Futures (AUG6) (CLmain.US)$ $ProShares Ultra VIX Short-Term Futures ETF (UVXY.US)$ $ProShares UltraPro QQQ ETF (TQQQ.US)$ $Invesco QQQ Trust (QQQ.US)$ $iShares 20+ Year Treasury Bond ETF (TLT.US)$ $Direxion Daily 20+ Year Treasury Bull 3X Shares ETF (TMF.US)$ $Tesla (TSLA.US)$ $NVIDIA (NVDA.US)$
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