The May jobs report released Friday showed the US economy remains strong with more than 300,000 jobs created last month, while the unemployment rate rose to 3.7%.
The US economy added 339,000 nonfarm payroll jobs last month, data from the Bureau of Labor Statistics showed Friday. This marks the 14th-straight month that job creation came in above what Wall Street economists had expected.
I expect the Fed to raise the interest rate by at least half a basis point at it’s next meeting. The Fed has no tool to control the greed-flation of increasing corporate profits. It can only try to precipitate a recession in spite of the fact that wages have failed to keep up with inflation.
7:30 AM this morning before the 8:30 AM jobs report
All eyes will be on the May jobs report. Hiring has slowed in recent months, but the unemployment rate still stands at a 53-year low despite a wave of layoffs in the technology, media and financial sectors.
Analysts say the labor market over all appears to be returning to its prepandemic state. “The Great Resignation is over, with quits and hiring slowing dramatically and layoffs higher than the last few years of the 2010s,” Bill Adams, the chief economist at Comerica Bank, wrote to clients.
The headline figure to watch today is 190,000. That’s how many new hires were made last month, according to economists polled by Dow Jones, down from 253,000 in April.
But it’s worth remembering that economists have consistently underestimated the strength of the labor market: The number of hires has come in above expectations in 13 of the past 16 months. (Incidentally, Comerica’s forecast is below consensus, at 175,000 new hires.)