Jobs Numbers Beat Expectations, Lifting Yields
The US job creation engine sped up in May, further diminishing odds on a rate cut before the November election. According to data released by the Bureau of Labor Statistics this morning, 272,000 jobs were added in the month, solidly overshooting the 175,000 consensus forecast, and remaining well above the 120,000 that is generally believed sufficient to mechanically offset net growth in the labour force. Revisions to prior months saw overall gains lowered by a total 15,000 positions. The unemployment rate ticked higher to 4 percent, breaking a 28-month stretch below the 4 percent threshold, and wage gains accelerated, exacerbating...