The US economy added 272,000 jobs in May, more than expected and showing continued strength despite rate hikes. The unemployment rate remained at 4% while average hourly earnings rose slightly. Job growth has cooled this year but is seen as normalization, not necessarily a recession sign. Fewer employed people are switching jobs as the "Great Resignation" ends. Hiring remains strongest in leisure and hospitality and professional services. A decelerating labor market results in reduced wage growth, which is disadvantageous for workers but indicates a potential decrease in overall inflation.
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00:00It's Benzinga, and here's what's on the block.
00:02The U.S. economy added 272,000 jobs in May, more than expected, and showing continued
00:08strength despite rate hikes.
00:10The unemployment rate remained at 4%, while average hourly earnings rose slightly.
00:14Job growth has cooled this year, but is seen as normalization, not necessarily a recession
00:18sign.
00:19Fewer employed people are switching jobs as the Great Resignation ends.
00:24Hiring remains strongest in leisure and hospitality and professional services.
00:28A decelerating labor market results in reduced wage growth, which is disadvantageous for
00:32workers but indicates a potential decrease in overall inflation.
00:35For all things money, visit Benzinga.com.