US Yields Rise as May Jobs Growth Beats Expectations
Nonfarm payrolls increased by 172,000 in May as the labor market showed resilience despite ongoing inflation pressures. Markets responded by pricing in a higher probability of a Federal Reserve interest rate hike by December while Treasury yields rose across the curve.
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Xurve View
The United States economy added 172,000 nonfarm payrolls in May, significantly exceeding the 85,000 jobs forecast by economists polled by Reuters. This follows an upwardly revised 179,000 gain in April as the unemployment rate remained stable at 4.3%. The data increased the probability of a December interest rate hike to 65% as the labor market shows resilience against energy-driven inflation risks.
