What Is the Significance of May 2023 U.S. Nonfarm Payrolls Data?
May 2023 U.S. Nonfarm Payrolls data have been released. In April, the data showed 253K, and expectations for May 2023 data were 180K. May 2023 data came in at 339K, significantly exceeding expectations. In the same period, the unemployment rate was 3.7%, above the forecast of 3.5%. In April 2023, the unemployment rate was 3.4%. Average hourly earnings came in at 0.3%, despite expectations of 0.4%.