Independent Strategy

USUS May Payrolls Report & Wages

Mirroring the weak ADP figure the May payrolls numbers also surprised on the downside.  Revisions also downward, which also showed up in ADP’s release.  The participation rate was stable, as was the unemployment rate.  Hourly earnings were a little softer than expected and hours worked were flat at 34.4, which is down versus a year ago, dampening gains in weekly wage growth.

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