5/9/23 Market Snapshot: Another Rate Hike, Non-Farm Payroll Numbers

May kicked off with a large slate of economic news most notably a widely expected move by the Federal Reserve raising the federal funds rate by another 25 basis points. Other key reports during the week included several corporate earnings results and the April Non-Farm Payroll (NFP) number, which came in above consensus with a gain of 253,000 jobs. Two notable data points in the NFP report included a record low unemployment rate of 3.4% and year over year wage growth reported at 4.4%. This strong picture of the labor market led to a stock market rally on Friday, but the equity markets remained mixed for the week.