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United States: Job gains beat expectations in May
Latest reading: Total non-farm payrolls grew by 139,000 in May, below the downwardly revised 147,000 gain in April but above market expectations. Federal government jobs fell as part of the new Trump administration’s push to slim the size of the state, while employment rose in health care, leisure and hospitality, and social assistance. Meanwhile, the unemployment rate was steady at 4.2%.
The data shows that the labor market remained robust midway through Q2, notwithstanding the shock from the imposition of higher import tariffs on a raft of goods.
Panelist insight: Commenting on the data, TD Economics’ Thomas Feltmate said:
“Non-farm payrolls remained resilient last month despite heightened trade policy uncertainty. While weakness in the household survey coupled with the significant downward revisions to prior months helped to take some of the shine off the headline payrolls print, it’s fair to say that the labor market is holding up better than expected.”
