US nonfarm payrolls beat expectations, boosting Fed rate‑hike outlook

US nonfarm employment rose by 172,000 in May, far exceeding the market forecast of 85,000 and the previous month's 115,000 gain. The unemployment rate held steady at 4.3%, matching expectations.

The stronger‑than‑expected jobs report prompted a broad sell‑off in financial markets. The Dow Jones fell 0.32%, the S&P 500 dropped 2.59%, and the Nasdaq sank 4.68%, as investors priced in the possibility that the Federal Reserve will keep interest rates higher for longer. Silver prices fell 8.2% to $67.84 per ounce, gold slipped 8.19% to 100,415 lira per gram, and Bitcoin declined 3.21% to $60,992.

Analysts say the robust jobs data may curb expectations of near‑term Fed rate cuts and sustain a more cautious stance on monetary policy.