May Jobs Report

The Bureau of Labor Statistics released its May Jobs Report data today, and while job creation fell short of economists’ predictions (185,000 were expected but only 138,000 were added) unemployment fell to 4.3% –  the lowest we have seen since 2001.

Despite low unemployment, wage growth has been slow, with a 2.5% year-over-year increase. Economists are torn on how to view the May Jobs Report, with some celebrating the record low unemployment rate and others disappointed in the number of jobs added and slow wage growth.

That being said, it is unlikely that the May Jobs Report will deter the Fed from raising interest rates when they meet on June 13th as steadily low unemployment rates underscore an economy strong enough to endure another rate hike.

 

By | 2017-06-02T10:13:35+00:00 June 2nd, 2017|The Source|

About the Author:

Chris Vennitti is Vice President, Contract Staffing Services at HireStrategy. HireStrategy provides contract staffing services, direct hire search, and executive search solutions in the technology, finance & accounting, sales & marketing, human resources and administrative professions. HireStrategy, an Inc. 5000 company, has been ranked by The Washington Business Journal as the top staffing firm in the Washington DC region, and recognized by Washingtonian Magazine as one of Washington's "Great Places to Work."