May 2024 Jobs Day Report: Don’t Get Spooked

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Key points:

Despite the rise in the unemployment rate, the US labor market is still gliding toward a soft landing. Employers added 272,000 jobs in May, bringing the three-month average to a level similar to last year. The weak data from the household survey is less concerning than it initially appears, as the vast majority of the weakness is concentrated among young workers, and trends for other workers are more benign.

Don’t get overly spooked by the rise in the unemployment rate. The labor market is still gliding toward a soft landing. The rise in unemployment can almost

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