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Another Sunny Jobs Report, But Clouds Are Gathering

Posted on AllSides June 15th, 2024
From The Left
Matt Cardy/Getty Images

Is the almighty American jobs market weaker than it looks?

Ever since the pandemic began to fade, surging employment has helped the US economy stand out from its peers. New data on Friday confirmed that trend by showing companies added about 272,000 staff members in May, far ahead of the 180,000 that economists had expected. The bumper reading forced traders to recalibrate (again) on when they expect the Federal Reserve may lower interest rates.

Yet underneath the hood, there are signs that conditions are changing.

The bearish case goes like this:...

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