US nonfarm payroll employment fell by 345,000 in May, about half the average monthly decline for the prior 6 months and the least in 8 months, according to overnight data released by the US Bureau of Labor Statistics. Their unemployment rate continued to rise however, increasing from 8.9% in April to 9.4% in May. It is now at its highest since 1983, 26 years ago. Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries, they reported. But the fall in employment was far less than the markets were expecting, prompting widespread comment that "the recession is very close to an end", as Bloomberg reported one senior analyst as saying. The US dollar gained sharply, and US bond yields soared on the news. This is how the NZ dollar fared in response ...
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