The May 2022 jobs report the government will issue at 8:30 a.m. ET Friday coincides with inflation near a four-decade high.
After months of robust hiring, U.S. employers might have pulled back slightly in May, to levels that would still be consistent with a healthy job market, despiteEconomists have estimated that the nation added a solid 325,000 jobs last month, down from 428,000 in both March and April, according to forecasts compiled by FactSet, a data provider. If so, that would snap a record-breaking streak of 12 straight months in which job growth had topped 400,000.
"It's been rather amazing how sustained this has been," said Dawn Fay, senior district president at staffing firm Robert Half. American politics has entered an unusual period in which jobs and wages, which have long been the most influential economic metrics for everyday voters, have taken a back seat to the pain of inflation.
The president said he would "respect the Fed's independence" as Powell carries out interest rate hikes that are intended to cool spending and slow inflation but could also weaken the economy and the job market.President Joe Biden speaks about his administration's plan to tackle record-high inflation in remarks on May 10, 2022.
American workers as a whole are enjoying unusual job security, with layoffs near their lowest level on records dating back two decades. The number of people receiving unemployment aid has fallen to the lowest levels in more than 50 years.
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