US unemployment rate inches up to 4pc

More jobs

The US payrolls report for May came in a bit hotter than expected, with employment up +272,000, well ahead of market expectations for +180,000.

Revisions took back -15,000 from previous months, and there was a big shift to part-time roles, but overall this was a stronger than expected result. 

Average hourly earnings were also very solid, up +4.1 per cent over the year. 

The participation rate declined from 62.7 per cent to 62.5 per cent, and the unemployment rate increased to 4 per cent, however. 

The unemployment rate bottomed at 3.4 per cent in April 2023, and has now increased to 4 per cent, an indicator which normally portends the beginning of a recession.

Reuters provided this neat graphic, showing how interest rates globally are now starting to roll over. 

Source: Reuters

Back in Australia, the Indeed job postings figures continued to trend lower, and the latest household spending figures were again weak, suggesting another very weak quarter ahead for the economy in Q2, and inflation continuing to ease. 

Have a great weekend! 

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