US May Non-Farm Payrolls Exceed Expectations

The US just released employment data that far exceeded expectations. Market expectations for May Non-Farm Payrolls additions were 85,000, while the actual figure released was 172,000. Non-Farm Payrolls have exceeded expectations for three consecutive months now. The US job market is really too strong.

After the data was released, the probability of a Fed rate hike in December rose from 48% to 63%. Waller's Fed meeting debut is coming mid-month, let's see if next week's CPI can bring a better data point.

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