The job market is much stronger than economists expected. Why?
Summary
The U.S. job market is stronger than experts expected, with employers adding 172,000 jobs in May and showing steady growth since March. This strength comes despite challenges like tariffs, inflation, and global conflicts, helped by strong corporate profits and growth in sectors like health care and leisure.Key Facts
- Employers added 172,000 jobs in May, exceeding forecasts.
- Average monthly job growth from March to May was nearly 190,000, tripling from the previous year.
- U.S. corporations increased earnings by about 28% in the first quarter, supporting hiring.
- The health care industry added 610,000 jobs in the past year, the most of any sector.
- Leisure and hospitality added 240,000 jobs, boosted by summer travel and the 2026 World Cup.
- Local government added 55,000 jobs in May due to seasonal demands like parks and public works.
- Despite job gains, 70% of Americans feel it would be hard to find a new job.
- Hiring and quitting rates remain low, with some workers staying in their jobs due to fewer opportunities elsewhere.
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