NFP: US Job Growth Slows to 139,000 Hires in May — Above Estimates but Signaling Cautiousness

Stocks rallied at Friday’s opening bell with the Nasdaq pumping a full percent. The dollar rose and Bitcoin followed suit.

🔔 Slower Job Growth, but There Nonetheless

• The US economy added 139,000 jobs in May, the latest nonfarm payrolls USNFP showed. It’s a slowdown from April’s 177,000 but still ahead of economist estimates around 125,000. The labor market isn’t sprinting, but it’s not limping either — call it a cautious jog.
• Employers are showing signs of restraint, especially as tariff uncertainty clouds visibility. From retailers to manufacturers, planning long-term is tough when trade policy swings wildly with every post or press conference.
• Unemployment held steady at 4.2%, suggesting the job market remains resilient — though the White House’s push to slash federal jobs may eventually show up in future prints.

💡 Markets Cheer ‘Just Right’ Figures

• Wall Street enjoyed the green at the open, with the S&P 500 up 1.2%, the Nasdaq surging 1.4%, and the Dow adding 530 points. A Goldilocks report — not too hot to spook rate hawks, not too cold to spark recession fear — gave traders what they wanted.
• The dollar edged higher on the report, as expectations grew that the Federal Reserve might be bolder with future rate decisions amid stable job growth.
• Bitcoin (BTCUSD) joined the party, climbing together with the greenback, topping out at $105,000 just as the US session was kicking into gear.

🌦️ Business Climate? Bit Foggy

• Employers are still hiring — but they’re doing it with one eye on the balance sheet and another on tariff policy, which remains a major unknown.
• The broader concern is that profit margins are being squeezed, and companies may be deferring investments, including hiring, until there’s clarity on trade and taxation.
• Economists expect greater labor market impacts later this year, especially if new tariffs are rolled out or if global supply chains get tangled again. But today, the market is walking the tightrope — and somehow staying upright.