The US economy added 172,000 nonfarm payroll jobs in May, nearly doubling the consensus forecast of roughly 85,000, according to Bureau of Labor Statistics data released June 5. The unemployment rate held steady at 4.3%.
Bitcoin promptly slipped below $62,000. Because in crypto, good news for the economy is often bad news for the portfolio.
The numbers behind the surprise
Leisure and hospitality led the charge, adding 70,000 positions. Within that category, food services alone accounted for 48,000 jobs. Local government and health care also posted notable gains.
The BLS revised March and April payroll figures upward by a combined 93,000 jobs. That means the labor market was healthier over the past several months than anyone previously realized.
