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.

2026-06-05

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.