Overheating: U.S. Economy Added 272,000 Jobs In May, Shutting Door On Rate Cuts Early This Summer

[mystery-ak]

Overheating: U.S. Economy Added 272,000 Jobs In May, Shutting Door On Rate Cuts Early This Summer

John Carney 7 Jun 2024

Employers in the United States added 272,000 workers to their payrolls in May, the Department of Labor said Friday, likely foreclosing the chances for a rate cut from the Federal Reserve at the July meeting.

The unemployment rate ticked up to four percent despite very strong hiring in May.

Economists had forecast payrolls would grow by 182,000 and the unemployment rate would hold steady at the prior month’s 3.9 percent, according to Econoday.

Prior to the most recent report, the economy has been adding an average of 242,000 jobs per month. The private sector has averaged 197,000.

The private sector added 229,000, up from 158,000 in the prior month. The good-producing side of the economy added 25,000, including 21,000 jobs in construction and 8,000 jobs in manufacturing.

The services side of the private sector added 204,000. Job gains were widespread, including increases in wholesale trade, retail trade, transportation and utilities, financial services, business services, leisure and hospitality, education, and healthcare.

more
https://www.breitbart.com/economy/2024/06/07/may-jobs-report-3/

[LMAO]

Good news on that front

But it’s unlikely the Federal Reserve will cut rates this year especially if this trend continues due to inflationary pressures

Inflation is here to stay. That isn’t until people are elected who are serious about it

[mystery-ak]

Jobs report: May employment for native-born and foreign-born workers
By
Joseph Lawler
and
Zachary Halaschak
June 7, 2024 9:14 am
.

The jobs report for May released Friday showed that employment declined very slightly for native-born and rose for foreign-born workers.

The breakdown of jobs by migration status has gained interest in recent months for several reasons. One is that Republicans have argued that President Joe Biden’s policies have favored immigrants. Another is that the large number of immigrants in recent years may be adding to economic growth in a way that is not adequately accounted for in some government statistics.

The household survey included in the monthly jobs report shows employment for both categories of workers. The numbers, which are not adjusted for seasonal variations, are separate from the payroll jobs reported from the larger survey of business establishments. Because the survey is smaller, the numbers bounce around more.

In March, employment for native-born workers fell slightly, to 130.4 million.

more
https://www.washingtonexaminer.com/policy/finance-and-economy/3032072/jobs-report-may-employment-for-native-born-and-foreign-born-workers/

[GtHawk]

I wonder what the adjusted numbers will be and wouldn't an increase in jobs numbers be expected heading into summer? Don't worry, gov. Noisome and the California democrats are working hard to cut the number of employed by having thousand of fast food workers freed from their slave masters so that they can have more free time.

[mystery-ak]

ZERO INCREASE In Jobs For Native-born Workers In Over Five Years! (Native-born Workers Lost 463k Jobs In May 2024 While Foreign-born Workers Gained 414k Jobs)

https://confoundedinterest.net/2024/06/07/zero-increase-in-jobs-for-native-born-workers-in-over-five-years-native-born-workers-lost-463k-jobs-in-may-2024-while-foreign-born-workers-gained-414k-jobs/

[DefiantMassRINO]

Rates may be steady for a while.

The economy is too hot to lower rates.

The Federal Debt is so large, and the 30-year Treasuries on bank balance sheets are so toxic, that they make it too expensive and too risky for the Fed to raise rates.

Not surprised by native-born vs foreign-born.  It is more cost effective to import foreign-born workers, educated and uneducated, than to develop native-born talent and skills in America.

Workers/laborers are commodities.  Like many commodities, it is more cost-effective to develop them outside the United States.

Why develop more native-born tech workers in America when it is more cost effective to use H-1B visas to import cheaper foreign labor?

The United States Government represents and works for the Globalist US Chamber of Commerce, and not the American people.

[libertybele]

ZERO INCREASE In Jobs For Native-born Workers In Over Five Years! (Native-born Workers Lost 463k Jobs In May 2024 While Foreign-born Workers Gained 414k Jobs)

https://confoundedinterest.net/2024/06/07/zero-increase-in-jobs-for-native-born-workers-in-over-five-years-native-born-workers-lost-463k-jobs-in-may-2024-while-foreign-born-workers-gained-414k-jobs/