Breaking: US Nonfarm Payrolls rise by 559,000 in May, USD weakens modestly

FXStreet Team FXStreet

Nonfarm Payrolls (NFP) in the US rose by 559,000 in May, the data published by the US Bureau of Labor Statistics showed on Friday. This reading followed April's print of 278,000 (revised from 266,000) and came in worse than the market expectation of 650,000.

Follow our live coverage of the US jobs report and the market reaction.

Further details of the report showed that the Unemployment Rate declined to 5.8% from 6.1% and the U-6 Unemployment Rate edged lower to 10.2% from 10.4%

Moreover, the Average Hourly Earnings rose by 0.5% on a monthly basis, compared to analysts' estimate for an increase of 0.2%, and the Labor Force Participation Rate fell to 61.6% from 61.7%.

Market reaction

With the initial market reaction, the greenback weakened modestly against its major rivals. As of writing, the US Dollar ındex was down 0.2% on a daily basis at 90.32.

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