May US Jobs Report Exceeds Forecasts, Contributing to Stock Market Decline

The Bureau of Labor and Statistics reported that US employers added 172,000 new jobs in May, significantly surpassing analysts' predictions. The unemployment rate remained stable at 4.3%, while average hourly wages increased by 3.4% year-over-year, the lowest rise since May 2021. This stronger employment data, alongside ongoing uncertainty regarding interest rates and global economic growth, led to a pullback in stock markets, ending the S&P 500's recent streak of gains.