May non-farm payroll report affirms “near-term path for continued Fed tightening”

Summary: Non-farm payrolls up by 390,000 in May, above expectations; previous two months’ figures revised down by 22,000; jobless rate steady at 3.6%, participation rate ticks up; affirms “near-term path for continued Fed tightening”; jobs-to-population ratio creeps up; underutilisation rate ticks up to 7.1%; annual hourly pay growth slows to 5.2%. The US economy ceased producing jobs in net terms as infection controls began to be implemented in March 2020....

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