May Jobs Surge Reignites Inflation Concerns, Clouds Near-Term Rate Cuts
The U.S. nonfarm payrolls report for May recorded a stronger-than-expected gain of 172,000 jobs, far exceeding the 85,000 forecast, while the unemployment rate held at 4.3%. Revisions added 93,000 jobs to March and April. Markets reacted with higher Treasury yields, selling in government debt and a selloff in equities. Economists say the data reduc…