Rorschach Report

May payrolls grew by a strong 339,000, March and April employment was revised up by 93,000, and wage growth remained strong at 4.3%, largely unchanged since 1/23. But the unemployment rate ticked up to 3.7%, its highest rate since 10/22, and worryingly, the workweek keeps falling, from 34.4 to 34.3 hours M-o-M, its lowest level, outside 3/20 and 4/20, since 1/20. It’s equal to losing 400,000 FTEs. Fed shouldn’t raise.