The US economy added 172,000 nonfarm jobs in May, roughly double what economists had penciled in. The unemployment rate held steady at 4.3%, and Bitcoin responded the way it usually does when “good economic news” translates to “the Fed isn’t cutting rates anytime soon.” It dropped to approximately $61,900.
The Bureau of Labor Statistics report, released June 5, blew past consensus estimates of around 85,000 new jobs. The prior two months were revised upward by a combined 93,000 jobs.
Where the jobs landed
Leisure and hospitality, local government, and healthcare drove the bulk of the gains. Financial activities shed 22,000 positions.
Average hourly earnings climbed 0.3% month-over-month in May.
