The U.S. Department of Labor's May jobs data revealed a net gain of 139,000 nonfarm jobs, contradicting ADP's report that indicated weak performance with only 37,000 jobs added. The unemployment rate remains steady at 4.2%. In corporate earnings news, lululemon beat estimates with earnings of $2.60 per share but provided weak guidance for future quarters, predicting lower earnings than analysts had expected. These developments impact market sentiment, as seen through the positive reaction in the S&P 500.
The latest U.S. Department of Labor report showed nonfarm jobs grew by 139,000 in May, contrasting sharply with ADP’s earlier report of only 37,000. This discrepancy raises questions about the accuracy of employment data.
Lululemon beat earnings with $2.60 per share, but tempered expectations for future growth, predicting only $2.90 for fiscal Q2, significantly below Wall Street's forecast of $3.32.
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