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Read the highlights of this week's commentary from Helios:
- In May, payrolls grew by 339,000, blowing past expectations of 195,000 and the slowdown that economists had expected. In addition to the strong May figures, payroll gains for both March and April were revised up by a combined 93,000 jobs, indicating even stronger job growth than previously reported.
- However, the unemployment rate increased to 3.7%. While the employment survey data can be more volatile than payroll data and is subject to fluctuations, the increase is still notable and worth keeping an eye on, especially considering the participation rate remained steady.
- The debt ceiling agreement was approved in both the House and Senate last week and signed by Biden over the weekend, putting the months-long political drama behind us.
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