U.S. nonfarm payrolls rose by 139,000 in May (vs prior 147,000, revised down), while the unemployment rate was unchanged at 4.2%

• The labor force participation rate fell -0.2 ppts to 62.4%, and the employment-population ratio dropped -0.3 ppts to 59.7%.
• March and April payroll gains were revised down by a combined -95k, reducing recent momentum.
• Private sector job gains were led by health care (+62k), leisure & hospitality (+48k), and social assistance (+16k); federal employment fell -22k and is down -59k since January.
• Average hourly earnings rose 0.4% MoM (+$0.15) and 3.9% YoY; production and nonsupervisory earnings rose 0.4% MoM to $31.18.
• The average workweek held steady at 34.3 hours overall and 33.7 hours for production workers.