Nonfarm payrolls beat expectations in May

Nonfarm payrolls in the US rose more than expected in May.

According to data from the employment report from the Ministry of Labor, non-agricultural employment in the country increased by 339,000 in May.

Economists polled by Reuters expected the rise in nonfarm payrolls to rise 190 percent in May.

Data for April was revised to mean that employment increased from 253,000 to 294,000.

Despite strong hiring, the unemployment rate rose to 3.7 percent from 3.4 percent in April, a 53-year low.

THE FED MAY OMIT THE INCREASE IN INTEREST

Average hourly wages in the US, which rose 0.4 percent in April, fell to 0.3 percent in May.

The annual increase in average wages, which rose 4.4 percent in April, fell to 4.3 percent in May. This rate was 2.8 percent before the pandemic.

With wage pressures easing, Fed officials who want to hit the 2 percent inflation target can skip a rate hike this month in their tightening policies that have been going on for more than a year.