No “Groundhog Day” effect here – the May employment report was one to chew on. Slower job growth and steady unemployment late in the economic cycle would be consistent with reaching full employment, but not so much the softer wage growth and stagnant weekly hours. Beyond those two significant caveats, it’s the context and the risks that made this report such a headline-grabber, fueling expectations for the Federal Reserve to cut interest rates in the months ahead.
The Headline Numbers
As iCIMS’ former chief economist, Josh Wright led a team of data scientists in analyzing emerging trends in the U.S. labor market. With publications ranging from academic journals to national media, Wright previously served as a U.S. economist with Bloomberg L.P., and was a staff researcher at the Federal Reserve.