The United States added 272,000 jobs in May, exceeding the average monthly growth of 232,000 jobs seen during the previous year, according to the Bureau of Labor Statistics’ Employment Situation summary. Unemployment increased slightly, from 3.9% to 4.0%. The unemployment rate has been quite stable compared to last year. Last year, in May, the unemployment rate was 3.7%.
Several industries drove job growth. Health care and government employment climbed the greatest. The hospitality industry and professional, scientific, and technological services both showed a rise in open positions.
An additional 68,000 jobs were added in the healthcare industry, closely following the average of 64,000 positions added per month over the last year.
Government jobs increased by 43,000 posts, slightly less than the average monthly rise of 52,000 jobs seen in the previous 12 months. The leisure and hospitality business also created 42,000 jobs in May.
Professional, scientific, and technological services added 32,000 jobs in May, much outpacing the previous year’s average monthly gain of 19,000 positions.
Certain businesses experienced job losses, particularly in department stores, where open positions fell by 5,000. The furniture and home goods business also suffered in May, shedding 4,000 jobs. Other areas, such as mining, construction, manufacturing, and transportation, saw virtually no changes in job numbers.
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US Customers are Not Spending as Much on Non-essentials
Despite the fact that more jobs were created in May, consumer confidence remains low. According to a McKinsey report, many consumers intend to spend less on non-essentials such as travel and hospitality.
According to the survey, the most significant cuts will be made in overseas flights, hotel stays, and cruises. Home-related purchases are also projected to decline. Survey respondents intended to cut their spending on furniture and décor.
Gardening supplies were the one sector where customers planned to spend more, which is not surprising given the arrival of spring and summer.
Fewer consumers of all incomes and ages said they planned to spend in the next three months. Gen Zers were the most likely to splurge on purchases. Approximately 63% of Generation Z claimed they would spend more frivolously, compared to 50% of millennials, 35% of Gen Xers, and 19% of baby boomers.
Groceries, personal-care goods, transportation, and household needs are among the areas where all generations intend to spend more money.
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Economic Confidence Continues to Decline
As of May, confidence in the current economy has waned. Many Americans continue to fear a recession in the aftermath of the outbreak. The Gallup Economic Confidence Index, which assesses how Americans see the present economy, fell to -34 in May from -29 in April.
May’s number is getting closer to the November lows. The index was at -40 in November and rose to -20 by March.
Only 22% of Americans believe the present US economy is in excellent or good condition. This represents the lowest percentage since December.
In addition to the general economy, adults in the United States consider the state of the government and immigration to be critical issues. Approximately 21% of individuals believed that government concerns were the most pressing issues to address, followed by immigration (18%) and the economy (17%). Furthermore, 12% identified inflation as a key issue.
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Economic Confidence Continues to Decline
As of May, confidence in the current economy has waned. Many Americans continue to fear a recession in the aftermath of the outbreak. The Gallup Economic Confidence Index, which assesses how Americans see the present economy, fell to -34 in May from -29 in April.
May’s number is getting closer to the November lows. The index was at -40 in November and rose to -20 by March.
Only 22% of Americans believe the present US economy is in excellent or good condition. This represents the lowest percentage since December.
In addition to the general economy, adults in the United States consider the state of the government and immigration to be critical issues. Approximately 21% of individuals believed that government concerns were the most pressing issues to address, followed by immigration (18%) and the economy (17%). Furthermore, 12% identified inflation as a key issue.
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Conclusion
Despite a strong labor market, with 272,000 new jobs added in May, unemployment increased marginally to 4.0%. Key industries such as health care and government drove growth, but consumer confidence is low, and non-essential expenditure is expected to fall. Economic concerns linger, with Americans concerned about a looming recession and skeptical of government and immigration policies.