Jobs report: Hiring expected to slow in May as labor strength remains in focus for Fed

[mahatmakanejeeves]

Yahoo Finance

Jobs report: Hiring expected to slow in May as labor strength remains in focus for Fed

Josh Schafer · Reporter
Thu, June 1, 2023 at 4:00 PM EDT · 3 min read

Government data set for release on Friday is expected to show the US economy added fewer jobs in May than in the previous month.

The May jobs report, scheduled for release at 8:30 a.m. ET, could help determine whether the Federal Reserve hikes interest rates at its next meeting in June.

Nonfarm payrolls for May are set to rise by 195,000 while the unemployment rate is expected to tick up to 3.5%. In April, the US economy added 253,000 nonfarm payroll jobs while the unemployment rate fell to 3.4%.

Here are the key numbers Wall Street will be looking for, according to data from Bloomberg:

• Nonfarm payrolls: +195,000

• Unemployment rate: 3.5%

• Average hourly earnings, month-on-month: +0.3%

• Average hourly earnings, year-on-year: +4.4%

• Average weekly hours worked: 34.4

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[2naSalit]

1. It's tourist season...

Around here so that's when employment picks up. There's been a shortage of workers since -45 started cutting J1 worker Visas and making it harder for them to want to come here.