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NFPs increased by 139k in May: "It’s clear the US jobs market is losing some steam"

ended 06. June 2025

Total nonfarm payroll employment increased by 139,000 in May, and the unemployment rate was unchanged at 4.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in health care, leisure and hospitality, and social assistance. Federal government continued to lose jobs. Meanwhile, the change in total nonfarm payroll employment for March was revised down by 65,000, from +185,000 to +120,000, and the change for April was revised down by 30,000, from +177,000 to +147,000. With these revisions, employment in March and April combined is 95,000 lower than previously reported. Newspage asked financial services experts for their views, below.

4 responses from the Newspage community

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Adam Tibbetts
Head Of Advisory Trading at Atlantic Capital Markets
The U.S. economy added just 139,000 jobs in May, a figure about as punchy as a lukewarm coffee. Add in -95,000 in revisions to March and April, and the trend is clear: the jobs market is cooling faster than Musk’s interest in politics. Healthcare, hospitality, and social services kept hiring, but the federal government keeps trimming — probably trying to balance the books with optimism. The dollar took a wobble, as traders start whispering the word “rate cut” a little louder. Yields, lower, while gold is likely to sparkle. As for equities, they might like the softer Fed tone… for now. The Fed’s job just got harder. Not weak enough to panic, not strong enough to cheer. Meanwhile, over in reality-TV-politics land, Musk and Trump are in a full-on Twitter cage match. If Trump swings anti-tech and Musk goes full free-speech crusader, don’t be surprised if the NASDAQ gets caught in the crossfire, too.
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Harry Mills
Director at Oku Markets
Today’s US non-farm payrolls report reinforces the recent run of softer data. May’s 139,000 jobs gain was modest, and the 95,000 in downward revisions to March and April adds to the sense of slowing momentum in the labour market. Combined with other recent soft data, in weak PMIs, falling factory orders and rising jobless claims, the picture is one of a labour market that’s cooling. It's by no means collapsing, but it's clearly softening. This adds to the case for potential Fed easing later this year, and the dollar remains vulnerable in the near term.
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Tony Redondo
Founder at Cosmos Currency Exchange
The resilience of the US labor market is holding, at least for now. However, the impact of the tariffs may emerge in the months ahead. NFPs added 139,000 jobs, above the expected 130,000 new jobs created, with unemployment steady at 4.2%. Health care, leisure, and social assistance grew while federal jobs, as expected, fell. The wage growth figure eases inflation fears. The US Dollar is up 0.28%, with analysts suggesting a 98.7% chance of a Fed rate hold on 18 June.
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Prem Raja
Head of Trading Floor at Currencies 4 You
Today’s NFP came in softer than expected at +139,000, and with March and April revised down by a combined 95,000, it’s clear the US jobs market is losing some steam. The unemployment rate holding at 4.2% helps, but overall this print adds weight to the case for a Fed rate cut, though the markets aren’t fully convinced just yet. Interestingly, both GBPUSD and EURUSD are lower, with GBPUSD at 1.3527 and EURUSD at 1.1394, suggesting a bit of risk-off and some safe-haven demand for the dollar. On top of that, the Musk versus Trump feud is adding more uncertainty. The $50 billion tax headline aimed at Musk has sparked a messy public back-and-forth and could spook parts of the tech and investor community, especially with Trump back in the spotlight. It’s hard to ignore the broader implications this has for markets if the tone around wealth, tax, and tech regulation gets more aggressive. All in all, it’s a volatile mix out there right now.