May nonfarm payrolls came in at +172,000 against a +85,000 consensus, but the real story is a combined +93,000 upward revision to March and April. Three-month average now sits at +188,000, erasing the soft-landing deceleration narrative that anchored Fed patience arguments heading into Warsh's...
May nonfarm payrolls beat forecasts at 172,000 with large upward revisions to prior months, lifting the three-month average to 188,000 and shifting discussions toward a possible Fed tightening bias as soon as July. Source
