What to expect from Friday’s jobs report
CNN
The US job market showed a softer side in April when just 175,000 jobs were added, marking one of the weakest months in the past three years.
The US job market showed a softer side in April when just 175,000 jobs were added, marking one of the weakest months in the past three years. It was also well shy of economists’ expectations (for 235,000 jobs added) and sharply lower than the 315,000 net gain for March. It’s all relative, though. The 175,000 is in line with what was seen pre-pandemic and the neutral rate of job growth to keep pace with population gains. Based on initial estimates, May’s jobs report from the Bureau of Labor Statistics, due out Friday at 8:30 am ET, could be similar: Economists are expecting job growth of 180,000 payrolls and an unemployment rate that holds tight at 3.9%. If the jobless rate stays below 4%, it would extend a streak not seen since the early 1950s. In its battle to bring down inflation, the Federal Reserve has wanted to see demand cool off so as to take the heat off price hikes and for the labor market to ease into a “better balance” of the supply and demand of workers — all without causing a spike in joblessness or triggering a recession. “The labor market is still strong and solid; but at the same time, it is moving toward that ‘soft landing’ scenario, a narrative that we’ve been talking about for so long,” Elizabeth Crofoot, senior economist at labor data analytics firm Lightcast, told CNN, referencing the process of reining in inflation without sending the economy into recession.
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