Wall Street expects the U.S. unemployment rate to drop to 3.5% from 3.6% and match the pre-pandemic low in 2020. If the rate falls below 3.4%, it would mark the smallest rate since 1953.
Rising U.S. interest rates and the prospect of slower economic growth in the months ahead suggests hiring is also likely to wane — and that’s what Wall Street expects in May.Wall Street forecast The number of new jobs the U.S. created in May is expected to slow to a 13-month low of 328,000, according to a poll of economists by The Wall Street Journal.
“We expect job growth to remain on an upward trajectory,” said chief U.S. economist Rubeela Farooqi of High Freqeuncy Economics, “but the pace isThe bigger problem may still be a major labor shortage, however. Lots of companies that want to hire still say they can’t find enough qualified workers.
Employment could rise in tourism and travel, however, as the summer vacation season approaches and Americans shift more spending to services and away from goods. Growing labor force The size of the labor force is expanding again, but it hasn’t returned to pre-pandemic levels.
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