Analyst: The employment report is mixed, leaning more towards hawkish

Pepperstone Senior Research Strategist Michael Brown: The U.S. employment report for May was mixed. The report overall contained hawkish tendencies, with hiring continuing to grow rapidly and corporate profits growing more than expected, up 0.4% month-on-month and 4.1% year-on-year. This indicates that the labor market is still relatively tight overall. Generally speaking, the May employment report seems unlikely to change the outlook for Federal Reserve policy. As expected, members of the Federal Open Market Committee continue to place greater emphasis on inflation in their dual mandate and may reiterate next week that they have not yet gained the confidence people are seeking.