William_Potter
By Seema Shah, Chief Global Strategist
Payroll gains were hotter than expected in May, slamming the door shut on any hopes of a July policy rate cut. The latest jobs report showed that 272,000 non-farm payroll jobs were added last
May Jobs Report: One Step Forward, 2 Steps Back
Summary
- Payroll gains were hotter than expected in May, slamming the door shut on any hopes of a July policy rate cut.
- The latest jobs report showed that 272,000 non-farm payroll jobs were added last month, significantly beating consensus forecasts of 180,000.
- Wage growth also surprised to the upside with a 4.1% year-over-year increase in average hourly earnings.
The Principal Financial Group (The Principal®) is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $519.3 billion in assets under management1 and serves some 19.7 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Princor Financial Services Corp., 800/247-1737, Member SIPC and/or independent broker/dealers. Principal National, Principal Life, Principal Funds Distributor, Inc. and Princor® are members of the Principal Financial Group®, Des Moines, IA 50392.
Investing involves market risk, including possible loss of principal.