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Economic Commentary

The job market remains strong

June 06, 2022
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Hiring continued at a strong pace for May, the unemployment rate remained near 50-year lows, and wage growth remained solid. The ISM reports showed still healthy activity for both manufacturing and services, but supply chains remain the biggest headwind. The recent data suggest that economic growth may be moderating from its previous unsustainable pace, but a near-term downturn is unlikely.

What we learned last week: (pg. 1)

  • The U-6 rate is still very low despite a tick up last month
  • Despite headwinds, new orders continue to grow in the ISM surveys

What we’re watching this week: (pg. 2)

  • Trade balance likely to moderate from a record deficit
  • Little movement projected for jobless claims
  • More fast growth expected for consumer prices, but 12-month change should slow

View our informative commentary on the economy and financial markets – and find out what we’re watching for the week ahead: View this week's economic review & outlook

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