Every month, economists expect the labor market to slow. Will it ever?
CNN
Almost every month, economists expect the hot US labor market to start showing signs of exhaustion. Instead, it plows forward full steam ahead.
Almost every month, economists expect the hot US labor market to start showing signs of exhaustion. Instead, it plows forward full steam ahead. Last month was certainly no exception. Economists projected 205,000 jobs were added in March, a slowdown compared to February’s revised gains of 270,000. But last Friday’s data showed a shocking 303,000 new jobs were created that month. That left Jefferies economist Thomas Simons “borderline speechless.” “We did not expect to see such strong data,” he added in a note Friday. Simons is hardly the only economist baffled by how well the labor market has held up as inflation has cooled significantly, given the two typically don’t go hand in hand. So it can’t continue like this forever. The booming labor market has to run out of gas eventually, right?
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