U.S. unemployment rate rises to 3.7%, Non-farm payrolls added 339k jobs

MG News | June 02, 2023 at 05:30 PM GMT+05:00

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June 02, 2023 (MLN): The U.S. unemployment rate for the month of May stood at 3.7%, while non-farm payrolls (NFP) added 339k jobs for the said month.

The unemployment rate rose by 0.3% MoM as compared to 3.4% in the previous month.

Notably, the unemployment rate is at its highest level since October 2022.

Meanwhile, NFP, which shows the number of jobs created in the U.S. excluding farm workers, added 149k more jobs (total 339k) than the market analysts' expectations of 190k jobs.

NFP is a key indicator of the U.S. labor market performance.

Market reaction

U.S. 2-year treasury yield rises to 4.418%, while 5-year yields increase to 3.760%

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