Weekly Market Note

Week of June 1–5, 2026

June 5, 2026 Main Management Research

This week’s round-up of economic releases and market insights.

No video walkthrough was recorded for this week — the full note is available below.

In summary

May Nonfarm Payrolls came in well above forecasts at +172k while the Unemployment Rate was unchanged at 4.3%.
The strong NFP figure was echoed by the JOLTS and ADP releases, all of which point to a labor market that is heating up — allowing the Fed to focus more on inflation.
Q1 Productivity was up only +0.3% Q/Q, a bit of a slowdown from previous readings, but the 4-quarter moving average continues to accelerate. Unit Labor Costs were revised lower, which means less pressure on wage inflation.
Manufacturing PMIs posted strong readings for the month of May, a continuation of the uptrend we've seen in U.S. manufacturing.
Service PMIs are a bit more mixed but remain in expansion territory — though Prices are at multi-year highs.