Bank of America: May employment data shows strong performance, but stable wages unlikely to prompt Federal Reserve rate hike

⑴ According to Bank of America data, 95,000 new jobs were added in the current period, the unemployment rate was recorded at 4.3%, and hourly wages increased by 0.3% month-on-month. ⑵ In May, the ADP private sector added 122,000 new jobs, significantly outperforming market expectations, with overall recruitment demand rebounding across various industries. ⑶ The employment scale in the education and healthcare industries continued to expand; the manufacturing PMI has remained above the boom-bust line for five consecutive months, driving simultaneous increases in employment in the transportation and construction industries. ⑷ The number of initial jobless claims in the United States remains low, the pace of white-collar layoffs has slowed, but the employment growth rate among medium and large enterprises has slightly declined, lacking strong momentum for a sharp increase in job additions. ⑸ Wages are only rising moderately, and the current wage level is insufficient to prompt the Federal Reserve to implement interest rate hikes.