The May US jobs report shows nonfarm payrolls rising 139k versus the 126k consensus and April's print of 147k. April was initially reported as 177k, and together with adjustments to March's numbers, we get a net 95k of downward revisions to the previous two months of jobs data. The unemployment rate held at 4.2% while wage growth was a touch stronger at 0.4% MoM/3.9% YoY versus 0.2/3.9% in April. Average weekly hours stayed at 34.3. On balance, a pretty decent outcome given the weakness seen in the employment components of key business surveys, but the risks are increasingly skewed towards cooler jobs growth in the ... (full story)