May Payrolls Soar 272K, Above Highest Estimate, As Wages Come In Red Hot

Ahead of the payrolls report, we commented that with both of the two largest banks – Goldman and JPMorgan – expecting a miss, it was only logical to expect a big beat…

Goldman (165K) and JPM (150k) are below the median NPF estimate of 180k.

It will beat. pic.twitter.com/v2UxP2TBky

— zerohedge (@zerohedge) June 7, 2024

… and sure enough moments ago the BLS reported that in May, the US added a whopping 272K jobs…

… up sharply from the (downward revised of course) April print of 165K (from 175), and not only a 4-sigma beat to the 180K median estimate..

… but also above the highest Wall street estimate which was 258K courtesy of Regions Bank, and which was 14K below the actual print.

Not surprisingly historical data was – as always – revised lower: March was revised down by 5,000, from +315,000 to +310,000, and the change for April was revised down by 10,000, from +175,000 to +165,000. With these revisions, employment in March and April combined is 15,000 lower than previously reported.

developing.