The economy added 272,000 jobs in May, and the unemployment rate rose one-tenth of a percentage point to 4%, the Bureau of Labor Statistics reported on Friday. Investors had expected about 185,000 new payroll jobs and for the unemployment rate to hold steady at 3.9%. What it means...
related to his handling of the economy. Biden is running low on time to turn around voter perceptions of his handling of the economy before the election.
It shows the economy is still adding jobs and, in a welcome development, the employment numbers came in better than expected.The Federal Reserve is likely to interpret the continued job growth in May as an indication that its efforts to tame inflation via interest rate hikes are not yet taking a huge toll on the health of the economy.It is important not to read too much into any one jobs report. The payroll numbers bounce around from month to month, and are revised in subsequent reports.
is close to, but still short of triggering one major recession indicator — namely, when the three-month moving average of the unemployment rate rises half a percentage point relative to its minimum point over the past year. This indicator, known as the Sahm Rule, signaled the start of all post-war recessions.The leisure and hospitality sector is just above the levels of employment it reached in February 2020, right before restaurants and bars were forced to shut down across the country.
Construction employment has remained robust, even as the housing market has taken a massive hit over the past few years as mortgage rates have soared alongside the Fed’s rate hikes. That’s in part because of a huge backlog of construction of multifamily housing over recent months. Economists will watch closely for any sign of slowing hiring in construction.The household survey also includes unemployment rates by race and ethnicity.
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