US Economy Adds 139,000 Jobs in May Amid Labor Market Weakness
The US economy added 139,000 new jobs in May, exceeding the forecast of 126,000 but lower than April's 147,000. The unemployment rate remained at 4.2%, indicating stable hiring without acceleration.
Key points:
- Job cuts in the federal government persisted.
- US Treasury yields increased as expectations for Federal Reserve interest rate cuts were adjusted.
- Two rate cuts are expected in 2025, but the likelihood of one cut is increasing.
- President Trump urged the Fed for rate cuts amid weak private-sector hiring data.
- S&P 500 futures rose by 0.8%.
- OECD warned of potential slowest global growth since the pandemic due to Trump's trade war impact.