May jobs report will shed light on how much the economy has slowed in 2024
Economists believe that 190,000 jobs were added in May.
The U.S. economy created 175,000 jobs in April, the lowest level so far this year but one that is consistent with an expanding economy – even if off the pace of last year.
This Friday, the Labor Department will report on the number of jobs added in May, with economists forecasting a gain of 190,000. The unemployment rate is expected to remain unchanged at 3.9%.
“The labor market is still pretty strong,” says Allison Kaminaga, a professor in the economics department at Bryant University. “Unemployment picked up and job growth did slow but 3.9 is still pretty strong by historical standards.”
But investors and economists will be watching for any other signs the labor market is cooling as other economic indicators show the economy slowing – including last week’s downwardly revised 1.3% growth in gross domestic product for the first quarter.