U.S. employment growth was the strongest in over two years during the March–June period.

ME News reports that on June 5 (UTC+8), U.S. employment growth in May exceeded all economist expectations, while the unemployment rate remained stable, further indicating that the labor market may be recovering from a prolonged period of weak hiring. Data released by the U.S. Bureau of Labor Statistics on Friday showed that non-farm payroll employment increased by 172,000 in May, with data for the previous two months also revised upward. This resulted in the strongest three-month job growth in over two years. The report suggests that, despite consumer confidence falling to historic lows due to recent energy price increases, the U.S. labor market is regaining strength after nearly stagnant job growth last year. The data may also intensify pressure on the Federal Reserve to consider raising interest rates to curb inflation. Following the release, U.S. Treasuries were sold off, with the two-year Treasury yield rising more than 7 basis points to 4.1%. The interest rate swap market reflects heightened expectations for a Fed rate hike, with markets almost fully pricing in a 25-basis-point increase by year-end. (Jin10) (Source: ODAILY)