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Economy Adds 559,000 Jobs in May; Unemployment Drops to 5.8 Percent
Black teen unemployment hit a record low of 12.1 percent in May.
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Black teen unemployment hit a record low of 12.1 percent in May.
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In May, we should see the sort of strong job gains that many of us had expected in April.
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Unemployment due to voluntary quits remains extraordinarily low.
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A jump in employment that could exceed 1 million is likely to be associated with a drop in the unemployment rate of 0.3 to 0.4 percentage points, putting the April unemployment rate in the 5.6 to 5.7 percent range.
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Nothing in this report should raise fears of inflation problems. We see some bounce back in prices depressed by pandemic, nothing more.
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In March, we should be seeing more of the bounce back in prices that fell sharply during the pandemic.
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We should be seeing strong job gains in March and possibly some drop in the unemployment rate.