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The unemployment rate remained steady at 4.2%, also matching economist forecasts.
Updated Jun 6, 2025, 12:42 p.m. Published Jun 6, 2025, 12:35 p.m.
U.S. labor market growth continued to modestly slow in May, but not enough to force a rise in the unemployment rate.
Nonfarm payrolls grew 139,000 last month, according to the a report Friday from the Bureau of Labor Statistics. Economist forecasts called for gains of 130,000 and April's job growth was 147,000 (revised from an originally reported 177,000).
The unemployment rate for May was 4.2% against expectations for 4.2% and April's 4.2%.
In the midst of a strong rebound following yesterday's sharp declines, the price of bitcoin
rose a small bit further following the news to just above $104,000.
Always a closely-followed print, the May payrolls data was of particular import this time around as a string of economic reports this week pointed to growing economic weakness. Among them were the slowest ADP jobs growth in more than two years, ISM Services slipping into levels suggesting economic contraction and a rise in initial jobless claims to the highest level since October.
Nearing 4.50% as the week began, the 10-year U.S. Treasury yield slipped to as low as 4.32% and the odds of a summer Fed rate cut(s) had risen appreciably ahead of this morning's report. In the minutes after the print, the 10-year yield shot back up to 4.44%.
U.S. stock index futures added to earlier gains, the Nasdaq ahead 0.8% and S&P 500 0.75%.
Checking other report details, average hourly earnings rose 0.4% in May against estimates for 0.3% and April's 0.2%. On a year-over-year basis, average hourly earnings were higher by 3.9% versus forecasts for 3.7% and April's 3.9%.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
AI Boost
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk's AI Policy.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
