Thread by @nelsonepega

1/10 *Thread* 🧵

🚀 US Labor Market: May payrolls rise by 339K, surpassing the 190K Dow Jones estimate, and marking the 29th straight month of positive job growth. Unemployment rate increases slightly to 3.7% - still near the lowest since 1969. #LaborMarket #JobGrowth

https://twitter.com/nelsonepega/status/1664844551285030912

2/10
📈 This surge in job creation reveals a resilient labor market despite various challenges. Average hourly earnings, a key inflation indicator, rose 0.3% for the month, and wages increased 4.3% annually. #EconomicGrowth #Inflation

3/10
💼 Job creation is led by professional and business services (64K new hires), followed by government (56K) and healthcare (52K). Other notable sectors include leisure and hospitality (48K), construction (25K), and transportation and warehousing (24K). #JobCreation

4/10
📉 Despite this jobs gain, the unemployment rate increased due to a decline of 369K in self-employment. However, overall, the labor market continues to defy historical definitions and shows remarkable resilience in a slowing economy. #Unemployment

5/10
🏦 The Federal Reserve has raised benchmark interest rates 10 times since March 2022 in an effort to fight persistent inflation. Yet, some policymakers are considering a break from hikes to assess their impact on the economy. #FederalReserve #InterestRates

6/10
📊 After the jobs report, the odds for a June rate hike briefly increased to about 38% before falling back to around 26%. Despite these changes, the market reacted positively to the strong jobs report. #JobReport #MarketReactions

7/10
🧑‍🔧 As consumer spending continues, job openings have risen back above 10 million in April. Employers still find it challenging to fill these positions, underscoring the persistent labor supply-demand imbalance. #JobOpenings

8/10
🇺🇸 In Washington, a potential economic headache has been avoided as a debt ceiling deal has been reached and is on its way to President Biden's desk. This development adds to the positive economic outlook. #DebtCeilingDeal

9/10
🏭 Data indicates that the manufacturing sector of the economy is contracting, but the larger services sector remains in expansion. There are signs that price increases are slowing, which is a positive sign for the Fed's anti-inflation efforts. #Economy

10/10
🏠 Let's relate this back to the #USHousingMarket. A strong labor market is likely to sustain demand in the housing sector. Combined with historically low supply, it suggests a promising market for real estate investment. #RealEstateInvesting

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