The Independent Market Observer

Economic Release Snapshot: Hiring Accelerates in May

Posted by Sam Millette

This entry was posted on Jun 10, 2024 11:07:54 AM

and tagged In the News

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Monday UpdateEach week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

Reports for the Week of June 3

ISM Manufacturing, May (Monday)

  • Expected/prior ISM Manufacturing index: 49.5/49.2
  • Actual ISM Manufacturing index: 48.7

Manufacturer confidence fell more than expected in May, largely due to a decline in new orders during the month.

ISM Services, May (Wednesday)

  • Expected/prior ISM Services index: 51.0/49.4
  • Actual ISM Services index: 53.8

Service sector confidence rebounded sharply in May after falling more than expected in April. This encouraging result brought the index to its highest level this year.

Trade balance, April (Thursday)

  • Expected/prior trade deficit: –$76.5 billion/–$68.6 billion
  • Actual trade deficit: –$74.6 billion

The April trade deficit widened less than expected during the month but marked the largest monthly deficit in more than a year.

Employment report, May (Friday)

  • Expected/prior change in nonfarm payrolls: +180,000/+165,000
  • Actual change in nonfarm payrolls: +272,000

Hiring accelerated in May, with a strong 272,000 new jobs added during the month. The underlying details were more mixed, as the unemployment rate rose 4 percent while labor force participation dropped.

Upcoming Reports for the Week of June 10

Consumer Price Index, May (Wednesday)
Headline consumer inflation is set to remain steady at 3.4 percent on a year-over-year basis in May.

FOMC rate decision, June (Wednesday)
The Fed is expected to keep interest rates unchanged at the conclusion of its June meeting.

Producer Price Index, May (Thursday)
Producer price growth is set to slow in May, with headline prices expected to rise a modest 0.1 percent during the month.

University of Michigan consumer sentiment index, June, preliminary (Friday)
Consumer sentiment is set to rise in June after falling in both April and May.

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