00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The U.S. labor market added 172,000 jobs in May, more than double the 80,000 consensus estimate,
00:09while the unemployment rate held steady at 4.3 percent, according to CNBC.
00:14Leisure and hospitality led all sectors with 70,000 jobs,
00:18followed by local government at 55,000 and health care at 35,000.
00:23Average hourly earnings rose 0.3 percent for the month and 3.4 percent year over year.
00:29The strong numbers are expected to keep the Federal Reserve from cutting interest rates.
00:33Stock market futures fell and Treasury yields spiked after the jobs report was released.
00:38Fed officials have shifted focus toward inflation,
00:40pushing rate cuts off the table after lowering benchmark rates by three-quarters of a percentage point in late 2025.
00:47GDP grew at a 1.6 percent annualized rate in the first quarter
00:50and is tracking at 3 percent in the second quarter, according to the Atlanta Fed.
00:54For all things money, visit Benzinga.com.
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