Daily Rundown

June 8, 2026

Chart of the Day

Number of the Day

100,000 - The cumulative upward revision to nonfarm payroll employment growth in March and April from the original estimates. The originally reported payroll tallies in 26 of the 28 months prior to March had been revised lower, by an average of 85,000.

Quote of the Day

"For today, it's reasonable to keep rates steady given the uncertainties around the economic outlook. But if recent trends continue, it may soon be appropriate to act." - Cleveland Fed President Beth Hammack

Friday's Highlights

Nonfarm payroll employment (May) rose by 172,000, led by leisure/hospitality, government, and health care.

The unemployment rate (May) held steady at 4.3 percent.

Average hourly earnings (May) rose by 0.3 percent on the month and 3.4 percent year-over-year.

The average workweek (May) was unchanged at 34.3 hours. 

Consumer credit (April) moved higher by $20.7 billion, a second straight solid increase.

Quick Commentary

The jobs report on Friday put an exclamation mark on the recent improvements in the economic data, suggesting further that the labor market has come back from the brink this year after nearly contracting in 2025. Moreover, the upward revisions in recent months are a hint that the long-flagging underlying momentum has finally improved (note here, though, that the April numbers will be revised again next month and that both the March and April tallies will be updated further in next year's benchmark revision). Is this upturn sustainable? Given the powerful feedback loops that work through the labor market, it is likely that there will be some follow-through in the months ahead. Better job growth should help to stabilize consumer confidence and lift spending, in turn feeding back into corporate profits and further job growth. At the same time, it is important to stress that the labor market is still far from robust and is still a source of downside risk. Non-cyclical sectors continue to make up an unusually large share of job growth, for example, with government, education, and health care workers accounting for more than half of the overall increase in payrolls last month. In addition, the median duration of unemployment hit a 54-month high in May in an indication that job availability remains limited. And along these same lines, the ongoing slowdown in wage growth is a good sign that the labor market is not overheating, which should also mean that there is little reason for the Federal Reserve to tighten policy anytime soon.

Today's Highlight

Household expectations

Daily Trivia

What celebrated American author, better known for his folkloric short stories, helped to negotiate a free trade agreement between the U.S. and the British West Indies in 1830?

(Friday's Question: What iconic hotel's name is intentionally spelled without an apostrophe in order to signal that all guests will be treated like royalty? Answer: Caesars Palace)