FILE - A worker at Reata Engineering and Machine Works programs a Mazak Variaxis machine used to make semiconductor pieces on Feb. 15, 2024, in Englewood, Colo. On Friday, June 7, 2024, the U.S. government issues its May jobs report. Tentative signs have emerged that the U.S.
“It's going to be interesting to understand if the economy is running out of gas or coasting into summer solid hiring,” said Nela Richardson, chief economist at the payroll processor ADP.If May's hiring data comes in close to economists' forecasts, it would fall well below the average monthly gain of 269,000 in the first three months of 2024. Still, a figure of around 180,000 would probably be welcomed as sufficient to keep the economy growing without threatening to overheat it.
“That sort of mom-and-pop, Main Street small business — we’re hearing still pretty positive things,” Fiorille said. When the Fed began aggressively raising rates, most economists expected the resulting jump in borrowing costs to cause a recession and drive unemployment to painfully high levels. Yet the job market has proved more durable than almost anyone had predicted. Even so, Americans remain generally frustrated by high prices, a continuing source of discontent that could imperil President Joe Biden's re-election bid.