Employment Report Dampens Rate Cut Expectations US Stocks Remain Near Historic Highs Cryptocurrency Market Plummets

According to data from the Bureau of Labor Statistics of the U.S. Department of Labor, the non-farm payroll employment in May increased by 272,000 people, a significant growth compared to 165,000 in April, and far exceeding the estimated 190,000. Despite strong job growth, the unemployment rate rose to 4%, surpassing this level for the first time since January 2022. Economists had expected the data to remain at 3.9% in April.