May jobs report fuels case for more spending
President Biden framed the May jobs results as support for his infrastructure and education agenda, noting 559000 new jobs and a 5.8 percent unemployment rate while economists warned the pace may exceed growth capacity and inflation risk. The labor force participation fell to 61.6 percent as critics argued relief funds and unemployment benefits influence hiring and prices.
MENTIONED IN THIS ARTICLE
Joe Biden
Biden
Texas
Kevin Brady
House
Ways & Means Committee
U.S
Brady
Fox Business
Marc Goldwein
Committee For
Goldwein
Harvard University
Jason Furman
Obama White House
Five takeaways from the May jobs report
The May 2024 US jobs report shows 559000 new positions, reflecting a rebound amid a lingering labor shortage and supply chain constraints. Telework declines to 16.6 percent, signaling a shift toward normal work life, while unemployment and participation trends point to a gradual return to pre pandemic patterns.
Wage growth accelerates as hiring resumes across sectors
Average hourly pay rose 0.5 percent in May with 0.7 percent in April as 52 percent of new jobs came from leisure and hospitality. Major chains like Amazon and Walmart raised wages while construction and transportation sectors saw strong gains. Unemployment fell for Blacks and Hispanics to 9.1 and 7.3 percent respectively, still above white rates at 5.1 percent.
MENTIONED IN THIS ARTICLE
Mark Zandi
Moody’s Analytics
Amazon
Walmart
Costco
Chipotle
U.S
Biden vows continued push on policy track
President Joe Biden asserts momentum behind his plan and pledges no letup as he champions ongoing action and progress. He stresses persistence and momentum in pursuing policy objectives.
MENTIONED IN THIS ARTICLE
Joe Biden
Biden infrastructure talks stall as GOP offers revised bid
Senate Republicans pan Biden’s latest infrastructure plan and prepare a revised offer. Talks with Sen. Capito continue as Biden weighs a go it alone path, while House Democrats publish a $547 billion five year roads and transit plan to accompany the negotiations.
MENTIONED IN THIS ARTICLE
Washington
Senate
Joe Biden
Biden
Rehoboth Beach
Congress
Pete Buttigieg
White House
Ten
Psaki
GOP
Treasury
Capito
House
Oregon
Peter DeFazio
House Transportation and Infrastructure Committee
DeFazio
IRS
Amtrak
U.S. Chamber of Commerce
The
Business Roundtable
Jamaal Bowman
D-N.y
Also Mentioned on This Page
MAY Jobs
Josh Boak
Associated Press
Furman
Wilson Powell III
Peterson Institute For International Economics
Brian Deese
National Economic Council
Deese
Charleys Philly Steaks
Mayfield Heights
United States
Leslie Preston
TD Economics
President Biden
Lisa Mascaro and
Kevin Freking
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