U.S. Nonfarm Payrolls Increased by 139,000 in May

The U.S. labor market showed modest growth in May, with nonfarm payrolls increasing by 139,000, slightly above economist forecasts of 130,000. April's job growth was revised down to 147,000.

• The unemployment rate remained stable at 4.2%, consistent with expectations.
• Bitcoin price increased to just above $104,000 following the news.
• Recent economic reports indicated growing weakness, including a slowdown in ADP jobs growth and rising initial jobless claims.
• The 10-year U.S. Treasury yield fell from nearly 4.50% to as low as 4.32% but rebounded to 4.44% after the payroll report.
• Odds of a Fed rate cut in July dropped to 16% from 30%, while September rate cut odds decreased to 65% from 75%.
• U.S. stock index futures rose, with the Nasdaq up 0.8% and the S&P 500 up 0.75%.
• Average hourly earnings increased by 0.4% in May, surpassing estimates of 0.3%.
• Year-over-year average hourly earnings rose by 3.9%, matching April's figure and exceeding the forecast of 3.7%.