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Nonfarm payrolls rose by 172,000 in May, above 85,000 estimate while unemployment rate was in line with estimate
- Nonfarm payrolls rose 172,000 in May, above 85,000 estimate but down from 179,000 in April (revised upwards from 115,000).
- Unemployment rate healdy steady at 4.3%, in line with estimates.
- Labor force participation rate was unchanged at 61.8%.
- The 10-year U.S. Treasury yield rose 5 basis points to 4.534% while S&P 500 and Nasdaq Composite sheds more than 1% as the report indicates the labor market is resilient and may embolden the fed to hike interest rates to contain inflation (caused by rising fuel costs).
