'As long as the economy continues to produce above 200,000 jobs per month this economy simply is not going to slip into recession,' said Joe Brusuelas, chief economist at consulting firm RSM.
Friday’s report from the government reflected the job market’s resilience after more than a year of. Many industries, from construction to restaurants to health care, are still adding jobs to keep up with consumer demand and restore their workforces to pre-pandemic levels.
“Job growth remain robust in what is undeniably a historically tight labor market,” said Joe Brusuelas, chief economist at consulting firm RSM. “As long as the economy continues to produce above 200,000 jobs per month this economy simply is not going to slip into recession.” Even with the huge job gain, the slowdown in wages and shorter work week are likely enough to keep the Fed from raising its key interest rate at its next meeting later this month, economists said. Having imposed 10 straight rate hikes since March 2022, the Fed is widely expected to, though it may resume its increases after that.
File - Women work in a restaurant kitchen in Chicago, Thursday, March 23, 2023. On Friday, the U.S. government issued the May jobs report. The labor market has added jobs at a steady clip in the past year, despite efforts by the Federal Reserve to cool the economy and bring down inflation. Drew Matus, chief economist at MetLife Investment Management, cautioned that underneath the big headline job gain, there were signs that companies were turning more cautious about hiring.
Chair Jerome Powell and other Fed officials have made clear that they regard strong hiring as likely to keep inflation persistently high because employers tend to raise pay in a tight job market. Many of these companies then pass on their higher wage costs to customers in the form of higher prices. And consumers are showing signs of straining to keep up with higher prices. The proportion of Americans who are struggling to stay current on their credit card and auto loan debt rose in the first three months of this year, according to the Federal Reserve Bank of New York.
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US employers added a surprisingly strong 339,000 jobs in May in a sign of economic healthThe nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool
Leer más »
US employers added a surprisingly strong 339,000 jobs in May in a sign of economic healthThe nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool
Leer más »
US employers added a surprisingly strong 339,000 jobs in May in a sign of economic healthThe nation's employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool.
Leer más »
US employers added a surprisingly strong 339,000 jobs in May in a sign of economic healthThe nation's employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool.
Leer más »
US employers added a surprisingly strong 339,000 jobs in May in a sign of economic healthThe nation's employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool.
Leer más »
US employers added a surprisingly strong 339,000 jobs in May in a sign of economic healthThe nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool.
Leer más »