Cryptocurrencies Remain Unaffected as May’s Nonfarm Payrolls Increase to 294,000

The US jobs market remains resilient as nonfarm payrolls rose by 339,000 in May, taking the three-month average to 283,000 and marking the 29th straight month of US nonfarm jobs growth. Unemployment was recorded at 3.7%, beating expectations, and average hourly earnings rose 0.3% month-on-month. Equity futures recorded intraday gains following the news with S&P and Nasdaq 100 futures up 50 basis points in premarket trading, while the Dow Jones Industrial Average rose 220 points. The Federal Reserve considers consistent strong job numbers and abnormal wage growth signs of persistent inflation. While wage growth slowed compared to last month’s 0.4%, May’s inflation and jobless claims may keep the central bank continuing rate hikes. The Federal Reserve will announce its next policy move when it meets on June 13-14.