US Jobs Data and NFP
It is the US Jobs Data and NFP release today. Following a jump of 253K in April, the US economy is predicted to have added 190K jobs in May 2023, which would be the second-lowest record since December 2020. The industries of leisure and hospitality are projected to have added the most jobs, while manufacturing employment is predicted to remain stable and tech sector layoffs to continue. In addition, these numbers may be impacted by the Writers Guild of America’s ongoing strike. The unemployment rate is predicted to increase slightly, from 3.4% to 3.5%, although it will still be near to five-decade lows. Pay growth is anticipated to have remained constant at 4.4% and wages are anticipated to have increased by 0.3%, less than the 0.5% increase seen in April. source: U.S. Bureau of Labor Statistics
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