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June 5, 2026
Strong Jobs Report Further Delays Cuts
Nonfarm payroll employment surged by 172,000 in a blowout May jobs report, while the prior two months were revised higher by an additional 93,000. The only blemish is that breadth is still a bit narrow. Leisure and hospitality and local government accounted for 125,000 of the job creation in the month. That said, the 1-month diffusion index rose to 54.4% and has remained above 50% every month this year, indicating positive job creation in a majority of the 250…
