All articles tagged with #may jobs report
On Friday, June 7th, traders will focus on the May employment report, Nvidia's 10-for-1 stock split, and a livestream by meme stock trader "Roaring Kitty" that has already caused GameStop shares to surge 47%.
Former White House economist Tyler Goodspeed warns of "red flags" in the May jobs report, citing a decline in employment in the household survey and inconsistencies in the report. Chief economist and global strategist at Euro Pacific Capital, Peter Schiff, argues that employment growth numbers are "skewed" due to Americans taking on second and third jobs to combat inflation. The Federal Reserve is closely watching the report for evidence that the labor market is finally softening after months of strong job gains as policymakers try to wrestle inflation under control. Goodspeed predicts that the Fed will likely tighten and stay higher for longer to cool demand in the economy.
The May jobs report, set to be released on Friday, is expected to show that hiring increased by 190,000 last month and that the unemployment rate inched higher to 3.5%. The report is being closely watched by investors and the Federal Reserve for clues about the labor market's health in the face of higher interest rates, stubborn inflation, and recession fears. Despite a backdrop of rising interest rates, banking turmoil, tech layoffs, and debt ceiling negotiations, the job market has continued to add jobs and hold unemployment at historically low levels.