Further details in the May payrolls report were also mixed.
Average hourly earnings saw a downward revision but its non-supervisory component accelerated to a very strong 0.45% M/M for its the fastest monthly rate since November.
On the flip side, average hours worked surprisingly fell further and are approaching pre-pandemic lows, an exacerbated version of the trend decline nearer pre-pandemic averages seen in separate JOLTS quit rates.
Landing on Jun 2, the mixed payrolls report didn’t alter the recently adopted skip narrative for the Jun 13-14 FOMC, yet the sheer strength of payrolls trimmed rate cuts and Tsys bear flattened.

Homepage Bullet Markets Fixed Income News Foreign Exchange News

Chris Harrison

Homepage Bullet Markets Fixed Income News Foreign Exchange News

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Macro Developments Since May 2-3 FOMC: Equally Mixed Labor [2/2]