US Adds 172,000 Jobs in May Topping All Estimates

• US May Nonfarm Payrolls rose by 172,000 (M/M), topping the +88,000 estimate, with a two-month net revision adding 93,000 jobs.
• The US May unemployment rate held steady at 4.3%, in line with estimates, and average hourly earnings were up 0.3% M/M (+3.4% Y/Y).
• Treasury yields surged across the curve (US 2-Year, 10-Year, 30-Year), and equity futures (S&P, Nasdaq, Russell 2000) pulled back following the strong jobs report.

The US added 172,000 jobs in May, significantly exceeding the 88,000 estimate, with positive revisions to prior months. While the unemployment rate and wages remained stable, the strong job growth led to a sell-off in equity futures and a rise in Treasury yields, indicating market concerns about potential Federal Reserve hawkishness.