US adds 559,000 jobs in underwhelming monthly payrolls

Only one month after the extremely underwhelming non-farm payrolls report that saw the US only add 226,000 jobs, the May report has seen analyst expectations undershot yet again. Although the figure was much higher, at 559,000 new roles, which in normal times would be excellent, economists were predicting upwards of 650,000. It is worth noting the labour market still sits 7.6 million jobs below its pre-pandemic peak. Another weaker than expected payrolls number has seen investors relax slightly about any imminent Fed tightening which would be negative for the large US growth stocks. The US Dollar sold off on the news whilst the tech-heavy Nasdaq climbed.