223,000 new jobs were added to US nonfarm payrolls in May, beating consensus forecasts of 188,000 and well above last April's final 159,000 figure. Strength in the job market was underscored by unemployment falling 0.1 per cent to 3.8 per cent, the lowest level since early 2000, and with wage growth rising 0.1 per cent to year on year to 2.7 per cent. US government debt has seen light selling in wake of the news while US equity markets opened into gains. The day has also been marked by a relief rally in global equity markets after Italy formed a government, easing fears of second election that might have strengthened eurosceptic forces within government. In a busy week for political and geopolitical news, markets appear, for now, relatively unfazed by Spain's Prime Minister, Mariano Rajoy, being ousted today from his long standing position due to corruption allegations and the heating up of international trade tensions with the US.
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US fires opening salvo in global trade war
US fires opening salvo in global trade war