May payroll +223k, higher than the +194k....>

US DATA: May payroll +223k, higher than the +194k expected and 

March-April net revisions +15k and the unemp rate slipped 0.1 to 3.8% 

(3.755%), lowest in 18 years, while hourly earnings accelerated, so a 

strong report.

- Hourly earnings +0.3% (+0.298%) m/m and +2.7% y/y after unrevised 

+0.1% (+2.6% y/y) in April.

- Labor force participation rate 62.7% vs 62.8% in April, explaining 

some of the unemployment rate drop, while the U-6 unemp rate -0.2 to 

7.6%.

- Private jobs +218k vs +200k expected.  Within payrolls, there were 

solid gains for retail (+31k), health care (+32k), construction (+25k), 

and manufacturing (+18k), but weakness from temporary help services 

(-8k), suggesting the improvement was in permanent jobs.