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#US #Employment #Economic News
The pace of #hiring was unexpectedly robust in May, showing a gain of 272k #jobs, but the #unemployment rate ticked up to 4%.
Strong #job growth shows #employers remain undaunted — despite pressure from high #InterestRates & slowing #consumer #spending — & are finding #workers as #immigration has provided a boost to #labor supply.
I don't like how this reads - hiring is up but so is unemployment. That means the net effect is a loss, right? This doesn't feel like the win it reads at first considering the next post talks about future revisions to these numbers.
The American consumer is spending but the Fed is obsessed with killing labor.
@jenzi The jobs report is based on two separate surveys, one of households & one of businesses. The two told very different stories this month: The business survey showed very strong job growth, while the survey of households showed falling employment & rising joblessness.
I mentioned earlier in the thread that there will likely be a revision to the unemployment stat. Perception is more of a factor for household surveys & change in employment status isn’t as fast to update.