Your Capital Markets Snapshot: Mixed Picture of the Jobs Market Last Week

There was a mixed picture of the jobs market last week despite the upside surprise to the May Non- Farm Payroll report. The U.S. saw an increase of 272,000 jobs with gains concentrated in the health care, government, and hospitality sectors; however, the unemployment rate rose to 4% for the first time in over two years. Wages also came in higher than expected with a monthly increase of 0.4%, the highest level since January. Earlier in the week, the April JOLTS report, noted the level of job openings had declined to a three-year low.