Spartan Capital Securities chief market economist Peter Cardillo said May
nonfarm payrolls beat expectations. Government payrolls rose 52k, possibly a
one-off; excluding them the report still exceeded consensus. Average hourly
earnings rose 0.3% MoM, unemployment held at 4.3% and participation was
unchanged. Cardillo said the data indicate the labor market has passed the
recent slowdown and reinforce expectations that the Fed is likelier to raise
rates next.