Overview

• May nonfarm payrolls rose by 139,000, exceeding forecasts of roughly 125,000 to 130,000 jobs
• The jobless rate held at 4.2 percent for a third straight month, reflecting continued labor-market resilience
• The civilian labor force contracted by 625,000 participants, pushing the participation rate down to a three-month low of 62.4 percent
• Average hourly earnings climbed 0.4 percent in May and 3.9 percent year-over-year, sustaining solid wage growth
• Solid payroll and wage growth have prompted markets to expect the Federal Reserve to hold interest rates steady