This marked the 14th-straight month that job creation came in above what Wall Street economists had expected and the largest monthly increase since January.
This content is not available due to your privacy preferences.Following this report, many Wall Street economists suggested the uptick in the unemployment rate to 3.7% and the deceleration in hourly wages — which rose 4.3% over last year compared to 4.4% in April — as signs the Federal Reserve is beginning to see the "better balance," Federal Reserve chair Jerome Powell has frequently referenced. Others, however, were shocked by the jobs numbers.
"Nonfarm payrolls are the elephant in the room. The strength in this metric alone means that a June hike remains on the table in the event of a very strong CPI report on June 13, even if it is not the base case at the moment. And perhaps more important, the continued resilience of the labor market means there is still a strong case for additional hikes later in the year.
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