Hiring momentum continued in May as the economy added 172,000 new jobs—much more than expected—and some economists are optimistic about June’s employment data.
Indicators over the last few months suggest that the labor market is far stronger than it was last year despite a three-month-old war in Iran and renewed inflation risks.
The jobless rate remains low, vacancies have accelerated, and payroll gains have broadened.
“If the economy can continue to create jobs and the unemployment rate can stay low … all while keeping inflation under control, we could be in the sweet spot,” Chris Zaccarelli, chief investment officer for Northlight Asset Management, said in a note emailed to The Epoch Times….