Daily digest market movers: Fresh job additions crimp rate cut bets
- US NFP added 272K net new jobs in May, clobbering the 185K forecast though the previous month’s print was revised lower to 165K from 175K.
- The US Unemployment Rate ticked higher to 4.0% in May, a 28-month high.
- US Average Hourly Earnings rose 0.4% MoM in May, above the forecast 0.3% and doubling the previous 0.2%.
- Canada’s Net Change in Employment rose to 26.7K in May, above the 22.5K forecast but still well below the previous month’s 90.4K.
- According to the CME’s FedWatch Tool, investor hopes for a September rate cut from the Fed were knocked firmly back by US data on Friday. Rate traders are pricing in only a 55% chance of at least a quarter-point cut from the Fed on September 8, down from over 70% before the US NFP print.
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