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Market backs off on hopes for interest rate cuts following strong jobs report

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Market backs off on hopes for interest rate cuts following strong jobs report

Traders work on the floor of the New York Stock Exchange during afternoon trading on June 03, 2024 in New York City. 

Michael M. Santiago | Getty Images

May’s surprising pace of job growth and wage rise added to the conviction that the Federal Reserve will stay on hold through this summer and possibly beyond.

The Bureau of Labor Statistics reported Friday that nonfarm payrolls increased by 272,000 for the month, considerably higher than the Wall Street consensus of 190,000 and well above April’s comparatively muted gain of 165,000. In addition, average hourly earnings rose 4.1% over the past 12 months, more than expected.

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