US and Canadian jobs reports crush expectations
US labour markets gained momentum in May, firming market expectations for a rate hike from the Federal Reserve by year end. According to the Bureau of Labor Statistics, 172,000 jobs were added in the month—representing a solid overshoot relative to the 85,000-consensus forecast—while the previous two months were revised up by a total 93,000 positions, bringing the three-month average pace of job creation up to 188,000, from 48,000 ahead of the update. Hiring was relatively well-diversified, with payrolls growing by 70,000 in the leisure and hospitality sector, 35,000 in healthcare, and manufacturing and non-residential construction eking out gains. Conditions tightened,...