May Jobs Report Surpasses Expectations, , Payroll Adds 390,000 .
The Bureau of Labor Statistics released its May jobs report on June 3.
The 390,000 jobs added to the U.S. economy in May exceeded Wall Street projections of 328,000.
The unemployment rate remained at its pandemic low of 3.6 percent.
Despite the slight cooldown, the tight labor market is clearly sticking around and is shrugging off fears of a downturn.
, Daniel Zhao, Glassdoor Senior Economist, via CNBC.
We continue to see signs of a healthy and competitive job market, with no signs of stepping on the brakes yet, Daniel Zhao, Glassdoor Senior Economist, via CNBC.
In addition, pay for hourly employees increased by 0.3 percent, falling just short of the 0.4 percent expectations.
Retail actually lost 61,000 jobs in May, which economists say reflects a shift in spending priorities.
That’s not really consistent with a consumer that’s itching to spend on goods, Drew Matus, MetLife Investment Management CMS, via CNBC.
The accommodation and food services story is telling you people have shifted from goods spending to services spending.
, Drew Matus, MetLife Investment Management CMS, via CNBC.
The real question is how long will they sustain that, Drew Matus, MetLife Investment Management CMS, via CNBC.
Some analysts say that the strong report could be an indication that the market is responding to the Federal Reserve's recent interest rate hike.
I wouldn’t call it the calm before the storm, but it might be the last bit of sunlight before the clouds get a little deeper and darker, Drew Matus, MetLife Investment Management CMS, via CNBC.
It is widely predicted that the Fed will raise rates again in the coming months.
The Fed predicts that the U.S. economy will grow 1.3 percent during the second quarter
