Newsflash: Hiring slowed across the US economy last month, and fewer jobs were created than previously thought in March and April too.The US added 139,000 new jobs in May, according to the latest non-farm payroll report, with the US unemployment rate unchanged at 4.2%.Economists had expected the non-farm payroll to rise by 130,000 jobs, so this is slightly higher than forecast.The U.

S.Bureau of Labor Statistics reports that “employment continued to trend up in health care, leisure and hospitality, and social assistance.Federal government continued to lose jobs.”But, the report also reveals that 95,000 fewer jobs were created in March and April than previously estimated.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, the BLS says.

Time to wrap up.Donald Trump has intensified his call for cuts to US borrowing costs, urging the Federal Reserve to lower interest rates by a full percentage point.Trump pushed for a cut after the latest jobs report, showing that the US added 139,000 new jobs in May, more than expected.Stocks rallied in New York after the jobs report was released.The price of silver has hit a 13-year high….

…while food commodity prices have dipped……and UK house prices fell last month.Russia’s central bank surprised the markets today, by cutting its key interest rate by a full percentage point.The Bank of Russia lowered rates from 21% to 20%, citing easing inflationary pressure.It explained:“Current inflationary pressures, including underlying ones, continue to decline.While domestic demand growth is still outstripping the capabilities to expand the supply of goods and services, the Russian economy is gradually returning to a balanced growth path.

”At a press conference following the decision Governor Elvira Nabiullina dismissed a suggestion that the regulator had given in to political pressure to reduce rates,Donald Trump has claimed that today’s jobs numbers are “great”,Posting on Truth Social, the president declares:GREAT JOB NUMBERS, STOCK MARKET UP BIG! AT THE SAME TIME, BILLIONS POURING IN FROM TARIFFS!!![reminder: Total nonfarm payroll employment in the US increased by 139,000 in May, a little higher than forecast, but lower than the average monthly gain of 149,000 over the prior 12 months,It also wasn’t ‘great’ news that March and April’s jobs data was revised down, showing that 95,000 fewer jobs were created than previously estimated],Donald Trump has taken a break from squabbling with Elon Musk to call for a hefty cut to US interest rates.

In a post on Truth Social, Trump claims that Federal Reserve chair Jerome Powell – who he has nicknamed “Too Late” – is a “disaster” for not having cut earlier.Following today’s jobs report, showing a slowdown in hiring, the US president argued that the Fed should cut rates by a whole percentage point – which would be a fairly dramatic reduction.Trump posted:“Too Late” at the Fed is a disaster! Europe has had 10 rate cuts, we have had none.Despite him, our Country is doing great.Go for a full point, Rocket Fuel![Fact check, Europe has had eight cuts since the European Central Bank started easing monetary policy a year ago, with the latest coming yesterday.

The US Fed hasn’t cut rates since last December (the month before Trump’s second inauguration), when it lowered its target range to between 4.25% and 4.5%.]In a second post, Trump says a Fed rate cut would lower the interest rates on US government debt, making borrowing cheaper.He writes:If “Too Late” at the Fed would CUT, we would greatly reduce interest rates, long and short, on debt that is coming due.

Biden went mostly short term.There is virtually no inflation (anymore), but if it should come back, RAISE “RATE” TO COUNTER.Very Simple!!! He is costing our Country a fortune.Borrowing costs should be MUCH LOWER!!![Factcheck: the US inflation rate dipped to 2.3% per year in April, slightly above the Fed’s 2% target.

Also: the fear that Trump’s trade war will be inflationary is making the Fed wary of cutting rates, which is keeping bond yields (interest rates) high]Shares in Tesla have opened higher, after a torrid session yesterday,Tesla’s stock has risen by 5,5% in early trading to around $300, recovering around a third of yesterday’s 14% tumble during the escalating clash between Elon Musk and Donald Trump,Trend:— Tesla shares rise nearly 5% after 14% drop yesterday due to Musk-Trump conflict,pic.

twitter.com/6b67tLMg9eTesla shareholders may be hoping that relations can be patched up.But… the US president may not be ready to make peace.Trump has told ABC News that he is “not particularly” interested in talking to Musk right now, claiming the billionaire has “lost his mind”.According to the Wall Street Journal, Trump is even considering getting rid of his red Tesla too, which he acquired back in March.

The opening bell on the New York stock market has been rung, and stocks are rising.The main indices are all up in early trading, with the Dow Jones industrial average up 474 points, or +1.1%, at 42,794 points.The broader S&P 500 share index, and the tech-focused Nasdaq, are both up around 1% too.Stocks are gaining despite predictions that today’s jobs report will deter the US Federal Reserve from any imminent interest rate cuts.

As Scott Helfstein, Global X‘s head of investment strategy, says:“In the ongoing saga of the White House versus the Fed, this jobs report continues to back the Fed’s patience strategy.That said, the White House set the stage for policy uncertainty and economic volatility in the first place.The Fed is likely to remain on hold through the end of summer to see how tariff negotiations proceed and ensure prices are stabilizing.”Byron Anderson, head of fixed income at Laffer Tengler Investments, warns that uncertainty is holding back the US jobs market:“With the amount of uncertainty in the economy, it is not surprising that hiring is slowing.If there is a bright spot, it is that the unemployment rate didn’t increase.

The US isn’t hiring, but they aren’t firing either, which will only last so long if we do not see a resolution to the larger issues.Limbo is not a great spot for business and job creation.Who would feel comfortable with the Truther in Chief that can flip the economy on its head with one ill-advised tweet.”Stephen Brown, deputy chief North America economist at Capital Economics, has spotted signs that the Trump trade war hit the jobs market last month:The contributions to the 139,000 rise in payrolls in May were unusually narrow, with 78,000 of the gain from health care & social assistance and another 48,000 from leisure & hospitality.Elsewhere, the 8,000 drop in manufacturing and 6,500 decline in retail point to some limited negative tariff effects.

That said, it was striking that transportation & warehousing employment rebounded by 5,800, despite reports of sharp declines in job openings amid lower imports.Today’s jobs report shows the US labor market has shrugged off the tariff uncertainty that rocked global stock and bond markets in April and May, reports Nicholas Hyett, investment manager at Wealth Club:While the Federal government has continued to shed a small number of jobs, the wider economy has more than made up the difference, with the US adding slightly more jobs than expected in May.Wage growth also came in higher than expected – suggesting the economy is in rude health.That will be taken as vindication by the Trump administration – which has been clear that the tariffs are aimed squarely at supporting Main Street rather than pleasing Wall Street.Less positive from the White Houses’ point of view is that a strong economy and rising wages gives the Federal Reserve less reason to cut interest rates – pushing yields a touch higher and making the fiscal splurge built into Trump’s “Big Beautiful Bill” that bit more expensive.

With rate cuts looking less likely, Fed Chair Jay Powell can expect to remain firmly in the President’s firing line once the spat with Musk is over.”[of course, had Trump not u-turned on his initial plans for higher tariffs, today’s jobs data might be worse….]Earnings grew faster than expected across the US economy last month – a boost to workers, but a potential worry for central bankers.Average hourly earnings for all employees on private nonfarm payrolls rose by 15 cents, or 0.4%, to $36.

24 in May, today’s jobs report shows,Economists had forecast a smaller rise, of 0,3%,Over the past 12 months, average hourly earnings have increased by 3,9%, ahead of forecasts of a 3.

7% rise.April’s annual wage growth data has been revised up too, from 3.8% to 3.9%.Higher wages can lead to stickier inflation, which may deter the Federal Reserve from cutting US interest rates despite mounting pressure from Donald Trump.

May average hourly earnings +3.9% y/y vs.+3.7% est.& +3.

9% prior (rev up from +3.8%) pic.twitter.com/RJopqrnDljThe 139,000 increase in the US non-farm payroll last month is slightly below the average monthly gain of 149,000 recorded over the prior 12 months.