June 19, 2024

US payrolls and wage growth strengthen, dampening expectations for Fed rate cuts

The US job market experienced a significant increase in May, with wages also rising at a faster pace than expected. This has led to a delay in the anticipated timeframe for Federal Reserve interest-rate cuts. According to a report from the Bureau of Labor Statistics released on Friday, nonfarm payrolls saw a substantial gain of 272,000 last month, surpassing the projections of economists in a Bloomberg survey. Average hourly earnings also showed growth, increasing by 0.4% from April and 4.1% from […]

**FAQ Section:**
1. How did US job growth perform in May?
– US job growth surged in May, with nonfarm payrolls advancing by 272,000 according to the Bureau of Labor Statistics report.

2. What was the increase in average hourly earnings in May?
– Average hourly earnings climbed by 0.4% from April and 4.1% from the previous year.

The strong job growth and wage acceleration in May have had an impact on the expected timing of Federal Reserve interest-rate cuts. This positive economic data reflects a robust labor market and may influence future monetary policy decisions.

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