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Jun 03 - 10:55 AM

USD: May NFP: Hiring Slowed But We're Clearly Still On Track For 50bps Hikes At Next 2 Fed Meetings - CIBC

By eFXdata  —  Jun 03 - 08:50 AM

CIBC Research discusses its reaction to today's US jobs report for the month of May.

"Hiring slowed slightly in the US in May but it remained too hot for the Fed’s comfort. The 390K gain in jobs was above the consensus expectation of 320K, and was supported by broad-based gains, with the leisure and hospitality sector being the single largest contributor. Average wage growth remained at 0.3% on the month (vs. 0.4% expected), failing to keep pace with prices and putting downward pressure on purchasing power and therefore inflation. The participation rate increased by a tick, and a slower employment gain on the household survey left the unemployment rate unchanged at 3.6% (vs. 3.5% expected)," CIBC notes. 

"Overall, with hiring remaining at a solid pace, we’re clearly still on track for 50bps rate hikes at the next two FOMC meetings. We’ll need to see employment gains running well below the current pace to prevent the further tightening in labor markets that the Fed wants to avoid," CIBC adds. 

Source:
CIBC Research/Market Commentary

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