Hiring was weak in May as employers added 75,000 jobs. Economists surveyed by Bloomberg expected 178,000 job gains:
USA TODAYHiring was weak in May as employers added 75,000 jobs, bolstering the Federal Reserve’s case for cutting interest rates as soon as this month, a possibility that has juiced markets in recent days.Economists surveyed by Bloomberg expected 178,000 job gains.
Fed policymakers have indicated they’re prepared to trim rates if necessary, noting concerns that the recent escalation of U.S. trade battles with both China and Mexico could further impede already slowing growth. A stock market that was tumbling amid the trade jitters has rallied since Fed officials have raised the possibility of rate cuts, which tend to increase consumer and business borrowing and prod investors to move money from bonds to higher-yielding stocks.
Yet the Fed faces tough choices. Monthly job numbers can be volatile. Payroll growth has been choppy but solid this year, with average gains of about 164,000 a month, well more than enough to keep lowering the unemployment rate. The near-term question is whether the Fed links a significant slowdown in job growth to wavering business confidence amid the trade fights -- which it could try to address with lower rates -- or to a natural outcome of worker shortages as unemployment falls.
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